Sunday, September 19, 2021

nmcn expecting £43m loss

nmcn is now expecting to report a £43m loss for its 2020 year as the Nottinghamshire company further delays the publication of its results.

In June nmcn suspended trading in its shares after revealing that it would not be able to publish its 2020 results on time, and entered into a refinancing arrangement with Svella Plc.

The business said that “the increased losses are largely covered by contingencies included within the working capital and cash projections used to support the company’s refinancing and also includes some losses which are likely to reverse in FY21.”

Lee Marks, Chief Executive Officer, said: “We are looking forward to fully recapitalising the business allowing us to normalise our relationships with our supply chain. Since joining I have been impressed by our people, and their dedication to our much-valued customer and supplier base, who are working alongside us to achieve an exciting future for nmcn.

“I look forward to leading the business into a new positive chapter alongside my Executive team and Svella plc.”

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