Northern Bear Plc Trading Update (1519S)
November 12 2021 - 2:00AM
UK Regulatory
TIDMNTBR
RNS Number : 1519S
Northern Bear Plc
12 November 2021
12 November 2021
Northern Bear plc
("Northern Bear" or the "Company")
Trading update
The board of directors of Northern Bear plc (the "Board") is
pleased to provide an update on trading for the six-month period
ended 30 September 2021 ("H1 FY22") for the Company and its
subsidiaries (together, the "Group").
In our last Annual Report and Accounts published in July 2021,
we noted the industry-wide challenges with respect to both
availability and price inflation of construction materials. There
have also been well-publicised challenges in relation to attracting
and retaining employees in the construction industry.
We have always sought to create long-term value via strong
relationships with all of our Group's key stakeholders. Our
companies have strong and well-established supplier relationships
and have been able, on the whole, to work with our robust supply
chain to ensure continuity of supply for contracts. We have also
managed to retain the large majority of our loyal and high quality
workforce, despite the ongoing industry staffing issues.
Despite the impact of these headwinds on our operations, our
Group has traded well in H1 FY22 and we expect to report operating
profit, stated prior to amortization and other adjustments (in the
format used in our last full year results), in the range of GBP1.4m
to GBP1.5m for the period (H1 FY21: GBP0.5m) This would represent
an increase on the pre-COVID comparative from H1 FY20 of GBP1.4m.
As at 30 September 2021, the Group had a net cash position of
GBP0.6m.
Our forward order book remains strong and should support our
trading performance in the coming months, subject to the ongoing
supply chain and staffing challenges noted above and whilst there
remains a level of uncertainty over the long-term outlook for
COVID-19.
The above estimates are subject to finalisation of the Group's
unaudited interim results, which are expected to be released in the
week commencing 22 November 2021.
Jeff Baryshnik, Chairman of Northern Bear, commented:
"We are pleased to announce strong expected operating results
for H1 FY22, despite ongoing industry-wide challenges."
"It is a testament to the executive team and subsidiary
operating teams that H1 FY22 results are expected to exceed those
from the comparable pre-pandemic period of H1 FY20. With a strong
forward order book, we are well positioned to continue to generate
a more normalised level of profitability."
For further information, please contact:
Northern Bear PLC
Jeff Baryshnik - Non-Executive Chairman
Tom Hayes - Finance Director +44 (0) 166 182 0369
Strand Hanson Limited (Nominated Adviser and Broker)
James Harris
James Bellman +44 (0) 20 7409 3494
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018.
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END
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