Share Name Share Symbol Market Type Share ISIN Share Description
Nmcn Plc LSE:NMCN London Ordinary Share GB0006452857 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 205.00 0.00 08:00:28
Bid Price Offer Price High Price Low Price Open Price
200.00 210.00 213.00 205.00 205.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 404.66 7.44 57.36 3.6 21
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 205.00 GBX

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Date Time Title Posts
23/2/202116:17NMCN (previously North Midland Construction)519

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Nmcn Daily Update: Nmcn Plc is listed in the Construction & Materials sector of the London Stock Exchange with ticker NMCN. The last closing price for Nmcn was 205p.
Nmcn Plc has a 4 week average price of 180p and a 12 week average price of 180p.
The 1 year high share price is 485p while the 1 year low share price is currently 165p.
There are currently 10,406,108 shares in issue and the average daily traded volume is 2,207 shares. The market capitalisation of Nmcn Plc is £21,332,521.40.
jaf111: mmmmm....fortunately sold out some time ago but amazed the share price still has 3 digits...must be going sub 100
kinwah: Possibly Pugugly but I wouldn't take the parallels with Van Elle too far. Nmcn has maybe 10 water company customers compared to hundreds of customers for piling services. The risks of building a water treatment plant are different from stabilising dodgy ground. Homer as incoming chief executive surely would have been involved in all day to day matters even if the chairman had stood back a little despite remaining executive. Homer had 30 years experience with competitors in the industry so it wasn't like John Lewis's CEO appointment of a complete industry outsider. Will there be further bad news? I hope not but Covid may cause further problems. My own feeling is that the problems at nmcn are a microcosm of the whole contracting industry and that Boris's plans for big infrastructure spending are set on very shaky foundations.
qs99: As you say, running big/long contracts just seems to be beyond the capabilities of so many UK companies: Kier, Costain, NMCN, any others who have had mahoosive profit warnings and restatements of previous accounts, you name it? Really disappointed for all holders here as the management appeared to be good, but not so IMO....glad I sold last year.....GLA and hope you find other places that will swiftly make up the losses.
tabhair: "nmcn Plc ("the Company") announces that following a competitive audit tender process conducted in compliance with EU Audit Regulations and best practice guidelines, it has appointed Ernst & Young LLP as its external auditor with immediate effect, following BDO LLP's resignation as external auditor to nmcn Plc with effect from 30 July 2020. In accordance with s.520 of the Companies Act 2006, the Company has sent a letter to its Shareholders providing them with a copy of the requisite statement from BDO LLP confirming that there are no reasons or matters connected with their ceasing to hold office as Auditor which they consider should be brought to the attention of members or creditors of the Company." You have to laugh. Auditor gives NMCN a clean bill of health before resigning, just a few months later it turns out the books are a complete mess. The whole sector is uninventable. If you run a company and don't take a risk in under-bidding on a contract, then someone else will do it. A race to the bottom where the shareholders end up suffering worst. I suspect there is more bad news to come here. New management are just in place and if they are discovering bodies buried under the floor this early, there's likely more bad news to come.
eezymunny: If you think CTO and NMCN are similar, then may I politely suggest talking to a financial advisor?
battlebus2: Best paid!!! No more information was given about the departure with the statement adding that “the group may incur losses this year”. The move comes as the contractor, formerly known as North Midland Construction, also searches for a new chief finance officer, after the departure of Dan Taylor was announced in July. Homer and Taylor were among the best-paid construction plc executives, a study by CN found last year, in fifth and 18th place respectively. Last month Homer, who worked for Bam Construct, Galliford Try and then Morgan Sindall before taking over NMCN in 2016, defended the firm’s payment of a dividend, despite making use of government support schemes. NMCN revenue in 2019 stood at £404.7m, making it the 42nd largest contractor in the UK as measured by the CN100.
squeamish1: The writing was on the wall here when I bought in, that’s the biggest red flag this market offers. RNS obviously could be taken any which way, hence the big drop. Could be anything, maybe he got caught with his pants down in the boardroom, or maybe he embezzled £20m, or maybe he missed a decimal point on the Yorkshire contract for a cost of £40m. Who knows, the RNS doesn’t help us and uncertainty has never once helped a share price.
impvesta: I don't like the look of that at all and have bailed this morning. Unfortunately I didn't spot the RNS, because of the time of its release, until the share price had slid this morning. A very poorly presented RNS which needed a full stop or some additional wording so that it reads in good English!
cc2014: The share price hasn't reacted. Probably because on the face of the RNS this is quite a complex deal and takes some time to digest. I've spent the morning researching and here are my notes. Firstly I like the acquisition because its relates to the strongest part of NMCNs business, the water sector, where they have the most expertise and steady and increasing margins. The synergies are clear in that this acquisition should be higher margin than NMCNs existing business, which they can use their cash reserves and client base to expand the business. Secondly it says something about the company and the CEO John Homer in that they are driving the company forward. Its the same with all the long term frameworks they are winning but the market doesn't seem to have noticed this is a growth situation coupled with very clearly targeted expansion which plays to their expertise. So, I like the acquisition very much in principle but how about the price paid and the motivation of the sellers. First the price. Which is this year and the next two years profits + £85k + whatever they collect on £675k of specific sales invoices, capped at £3.76m. NMCN are protected in that if they don't generate profits they won't pay very much, but pay out much more if the profits are high, but it's limited to 3 years profits. Buying a company for 3 years profits appears "inexpensive" to me. I suspect this all falls of out the inconsistent profits shown at Companies House. 2018 loss for LCS £998k, but 2017 profits £909k. And so to the motivation of sellers. It appears LCS was spun out/sold/MBO (or something similar I haven't established yet) from CEMA and as part of the deal LCS ended up owing money to CEMA as CEMA retained some preference shares. Unfortunately I haven't been able to establish the interest rate or exact purpose of these but I suspect it was a kind of funding stream for LCS which was to be paid off over a number of years. I would guess that this was a burden for LCS and with the loss in 2018 was something they would have struggled to pay off in the short term. As part of the deal NMCN get rid of all this through the buyer loan. I perceive what it comes down to is what you often see on Dragons Den in that the current owners are doing just fine but their expansion is limited by resources, capital and the history of the deal with CEMA and whilst it may be difficult or painful to sell, they realise in the long run they are better off (financially and emotionally) as part of a large company where the directors are happy to generously reward good performance. Overnight CEMA will have access to a larger customer base and NMCN may be able to significantly leverage the turnover (and thus economies of scale)
cc2014: Good morning. I am somewhat disappointed with the share price reaction this morning as I write. I guess this probably reflects the general state of the markets at the moment. All the metrics are looking good. Revenue and profits rising strongly, huge amounts of cash at £26m with no debt and no pension fund deficit and some of the excess cash being used to fund their move into housing where we know margins are much better. I am more than pleased with the dividend increase. 9p for the half year and 12p last year for the final. It's hard to say how much they will raise the final but 15p seems not unreasonable and conservative too. 24p dividend at a price of 555p a shares gives a dividend yield of 4.3%. That's about right for me. I don't like to see companies paying out too much in dividends as I'd rather see them investing in their future which is what NMCN are doing particuarly in their people, their brand and how they target work on long term frameworks. The company once again mentions a potential slowdown in water as the AMP frameworks cross over. This is one of the things that frustrates me about this country. The water companies are obliged to spend the money over the AMP investment cycle, yet do not sufficiently plan such that this happens smoothly. The work will get done regardless as the water companies have agreed their investment plans over the cycle with the regulator so why mess around? Perhaps the unfortunate situation at Whaley Bridge shows the costs of not spending investment capital at the eariest opportunity. Nothing I write on this will make any difference though. We've had this delay at previous AMP handovers and NMCN plan for it notwithstanding how frustrating that must be. As usual not much for me to do but sit back and wait. The order book is up again and the Board commit to an increased margin for the second half of the year. That half billion turnover is starting to look not so far away now as well. I'm not so pleased with the share price reaction but I am pleased with the results. I am in the fortunate position of being able to be patient and in the long term improving EPS, NAV and dividend yield will force the share price up.
Nmcn share price data is direct from the London Stock Exchange
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