The West

Nomad Building Solutions has narrowed its first half loss to $1.2 million from $7.4 million in the previous corresponding period.

The company posted a 30 per cent revenue lift to $25.7 million.

It recorded a net operating profit of $900,000.

Nomad noted a 117 per cent increase in revenue from its McGrath Homes business to $24.9 million.

The result was driven by a strong contribution from the Rio Tinto Wickham project and increased demand from the residential sector, the company said.

Nomad said it would look to close out remaining legacy issues in the second half and restore value and growth in the company's remaining businesses.

"The board continues to focus on strengthening the balance sheet with a view to utilising the company's substantial tax losses ($27 million) and franking credits ($17 million) via a dividend payment and/or a return of capital to shareholders in due course," the company said.

Nomad shares were off 0.1 cents, or 1.85 per cent, to 5.3 cents at 11.15am.

The West Australian

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