In a trading update NMCN revealed that it is still in refinancing talks to help get it through its trading difficulties.
“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,” it said.
NMCN has yet to post its results for 2020, although it conceded back in October that its pre-tax loss could be as much as £15m. It now warns that there will be no return to profit until 2022 at the earliest.
“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.”