Positive momentum maintained
Leading engineering and construction group nmcn has maintained its positive momentum and outlook in its interim results to June. Revenue, profits and cash rose significantly, while the order book grew by 11% despite near-term uncertainties in some end markets. The group – which addresses relatively sustainable markets including non-discretionary water and infrastructure investments – maintained FY guidance. Based on what we believe to be conservative estimates, the shares are trading on a FY 2019E P/E of 9.5x and yield of 3.7%.