NMCN PLC Financing and Trading Update (7173B)

TIDMNMCN

RNS Number : 7173B

NMCN PLC

14 June 2021

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018

14 June 2021

NMCN PLC

("nmcn" or "the Company" or "the Group")

Financing and Trading Update

Further to the announcement of 28 May 2021 the Company is very pleased to report that it is now in bilateral discussions, which are well advanced, with a party to conclude a refinancing to provide the appropriate capital structure to support the Group as it trades through the current uncertainty. The Company is working towards reaching a position where the refinancing will be announced within the next week enabling the Company to address the current significant working capital strain on the Group and place the Group in a position to take advantage of the growth prospects within its addressable markets. Should the refinancing not be successfully concluded the Group will have to consider its remaining options. A further announcement will be made in due course as appropriate.

As previously noted, activity levels across the business are reasonable although there are performance issues in the Group's Building business unit and challenges on two loss making contracts in Water. It is therefore now expected that this will result in the Group reporting a loss for the current financial year.

Enquiries:

nmcn Plc - [phone]

Ian Elliott, Chairman

Lee Marks, Chief Executive

Alan Foster, Chief Financial Officer

Shore Capital - [phone]

Edward Mansfield

Dan Bush

John More

About nmcn

nmcn Plc (TIDM: NMCN) is a leading engineering and construction company in the UK. Its talented 1,700-strong team offers multi-sector engineering and construction skills, technical innovation, design, and specialist fabrication.

The Company delivers major built environment and water industry projects across the UK - from buildings and highways to large-scale water networks and treatment plants. With its history dating back to 1946, nmcn now has 12 UK offices and three off-site manufacturing facilities.

LEI Number: 213800ANYQVA5OS51A68

www.nmcn.com

IMPORTANT INFORMATION

The issue of this announcement shall not, for the avoidance of doubt, in any circumstances, create any implication that nmcn shall be required to provide any further updates on the status of any matters contemplated in this announcement (save as may be required by law or regulation).

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

FURDGGDLIGBDGBX

(END) Dow Jones Newswires

June 14, 2021 02:00 ET (06:00 GMT)