Norcon turns around first half disappointment

Norcon was readying the market for good news on Wednesday, hinting at a healthy turnaround from its first half loss, ahead of the release of its full year numbers.

The board of the AIM-traded consulting and project management firm said revenue for the year to 31 December 2015 was expected to be similar to that recorded in the previous year.

"The benefits of the last few years of restructuring are beginning to be felt which, along with delayed projects from the first half contributing, means that the board expects to report stronger margins and a significantly better performance in the second half," the board said in a statement.

This was expected to result in a profit before tax for the full year, following a loss before tax of $0.2m (£0.14m) in the first half.

Norcon's board said it was pleased with performance in the second half of the year, which was a good sign for 2016, and noted that its business in the Middle East had not been impacted by recent lower oil prices.

"The group retains a healthy balance sheet, and looks to the future with confidence," it concluded.