Mountfield Group boss Graham Read hopes that the construction services company will do much better this year.
Mountfield joined Aim on 30 October 2008 at an admission price of 10p a share and has done badly since then. The share price recovered 0.5p to 3.25p after the 2009 results were finally issued. That values Mountfield at £5.57m. The NAV was £10.6m at the end of 2009 but that is based on intangible assets.
Mountfield has been hit by a lack of activity in the data centre market, which was providing a large chunk of its work. There are signs that the market is starting to come back to life and Moutfield is looking overseas for work. Mountfield is also winning leisure construction contracts.
The company generated revenues of £10.3m and reported a loss of £2.43m in 2009. The pro forma equivalent revenues in 2008 were £23.8m and the profit before flotation costs was £2.55m.
Net debt was £5.34m at the end of 2009 with most of that accounted for by unsecured non-convertible loan notes used to acquire the main businesses. Read holds £3.87m of the loan notes.
Mountfield floated so that it could make acquisitions and it is still looking for potential targets.
Mountfield still does not have a finance director.
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