TIDMNTBR
RNS Number : 7255S
Northern Bear Plc
18 July 2022
18 July 2022
Northern Bear PLC
("Northern Bear" or the "Company")
Preliminary results for the year ended 31 March 2022
The board of directors of Northern Bear (the "Board") is pleased
to announce its unaudited preliminary results for the year ended 31
March 2022 ("FY22") for the Company and its subsidiaries (together,
the "Group").
Financial summary
-- Revenue of GBP61.1m (2021: GBP49.2m)
-- Adjusted EBITDA* of GBP3.6m (2021: GBP2.3m)
-- Adjusted operating profit* of GBP2.6m (2021: GBP1.4m)
-- Adjusted basic earnings per share* of 9.8p (2021: 5.5p)
-- Cash generated from operations of GBP2.2m (2021: GBP3.8m)
-- Net cash position at year end of GBP2.2m (2021: net cash of GBP2.1m)
-- Impairment charge in relation to A1 Industrial Trucks goodwill of GBP2.6 million
-- Legal claim against Springs Roofing settled in July 2022 for GBP0.6 million
* stated prior to the impact of impairments, amortisation, and
other one-off costs
Jeff Baryshnik, Non-Executive Chairman of Northern Bear,
commented:
"We are pleased to announce strong operating results for the
year ended 31 March 2022, despite the ongoing challenges facing our
industry."
"It is a testament to the executive team and the subsidiary
operating teams that FY22 operating results exceed those of the
comparable pre-pandemic year ended 31 March 2020."
For further information contact:
+44 (0) 166
Northern Bear PLC 182 0369
Jeff Baryshnik - Non-Executive Chairman +44 (0) 166
Tom Hayes - Finance Director 182 0369
Strand Hanson Limited (Nominated Adviser
and Broker)
James Harris +44 (0) 20 7409
James Bellman 3494
Chairman's Statement
Introduction
I am pleased to report the results for the year to 31 March 2022
("FY22") for Northern Bear and its subsidiaries (together, the
"Group").
Despite industry-wide challenges with respect to both the
availability and increasing prices of construction materials, along
with the well-publicised issues relating to attracting and
retaining employees in our industry, we are pleased to announce
strong adjusted operating results, as defined below, for FY22 which
have exceeded those from the prior year to 31 March 2021 ("FY21")
as well as those from the comparable pre-pandemic year to 31 March
2020 ("FY20").
Trading
In the interim report for the six months to 30 September 2021
("HY22"), we noted the industry-wide challenges with respect to
both the availability and price inflation of construction
materials, along with the well-publicised issues relating to
attracting and retaining employees in our industry. Despite the
impact of these headwinds, we reported that our Group generated
strong adjusted operating results, defined as operating profit
stated prior to amortisation, one-off costs, and impairment
charges, in HY22. Our companies have strong and well-established
supplier relationships and, on the whole, have been able to work
with our robust supply chain to ensure continuity of supply for
contracts.
This situation has continued through the second half of FY22,
and the Group has generated strong adjusted operating results that
exceed those from the prior year of FY21, as well as those from the
comparable pre-pandemic year of FY20.
The Group reported an overall operating loss of GBP0.7 million
(2021: GBP1.5 million), and a retained loss of GBP1.3 million
(2021: GBP1.8 million). Both are stated after amortisation, one-off
costs, and impairment charges, more detail on which is provided
below and where the principal items are goodwill impairment of
GBP2.6 million (2021: GBP2.8 million) and provision for settlement
of a legal claim of GBP0.6 million (2021: nil). Operating profit
for FY22, before amortisation, one-off costs, and impairment
charges, was GBP2.6 million as compared with GBP1.4 million in
FY21.
Northern Bear Roofing
Despite the issues with materials and labour in the roofing
industry, our Roofing division has performed well in FY22 and
maintains a strong order book. This result is a testament to our
three Managing Directors, their teams, and their excellent
relationships with our supply chain.
Alan Chapman, our Heritage Manager and a Director at Wensley
Roofing Limited, recently retired as planned, with Adam Rhodes
assuming the role after a two-year transition period. We thank Alan
for his contributions and wish Adam the best in his new role.
As announced on 8 July 2002, we decided to settle, for the sum
of GBP0.6 million, a legal claim against Springs Roofing Limited
("Springs") brought by Engie Regeneration (FHM) Limited ("Engie"),
where court proceedings had been issued in December 2021 for an
original claim of GBP1.9 million. While the Springs directors
believed the claim was without merit, we took into consideration
the commercial risk of litigation and the potential for
irrecoverable costs to be incurred in defending the claim. Springs
and Northern Bear's other subsidiaries retain excellent commercial
relationships with Engie's (recently renamed to Equans) regional
and national management team. As such, Engie (Equans) continues to
be an important and valued customer for the Group. There are no
other pending legal claims against the Group or its subsidiaries,
and we are not aware of any matter that could lead to a material
legal claim.
Northern Bear Construction
The businesses in our Construction division performed well on
the whole in FY22, and H. Peel & Sons Limited ("H Peel") has
seen some stabilisation of its core markets.
MGM Limited ("MGM"), our specialist construction and
refurbishment business, has seen continued exceptional performance.
Along with recruiting new staff, MGM alleviated some of the
pressure on its surveyors and contract managers by employing a
buyer to optimise supply chain availability and pricing. This
released the surveyors and contracts managers to concentrate more
on their site work. The order book is historically strong, and this
business continues to grow steadily.
H Peel, our fit out and interiors business, continued to
experience challenging trading conditions in FY22 due to the
ongoing impact of COVID-19 on its core hospitality and leisure
markets. We are cautiously hopeful of a continued stabilisation in
H Peel's core markets, and of a resultant improvement in H Peel's
trading.
J Lister Electrical Limited ("J Lister"), our electrical
contractor, saw improved profitability during FY22. In light of
current order book levels, we are optimistic that trading at J
Lister will continue to improve in the current financial year.
Isoler Limited ("Isoler"), our fire protection contracting
business, has continued to perform very strongly, with an
impressive and growing reputation for good quality workmanship.
Isoler has won expanded mandates from a general contractor customer
and a local social housing provider during FY22.
Northern Bear Materials Handling
Our materials handling business, A1 Industrial Trucks Limited
("A1"), has seen an improvement in its profitability despite
disruption to new truck sales. We are now expecting lead times for
the delivery of forklift trucks to be in the region of 30 to 40
weeks due to supply chain interruptions, which could lead to a
challenging outlook over the medium term. As a result, we recorded
an impairment of goodwill of GBP2.6m in our FY22 results with
respect to A1, which is further described below.
Fortunately, A1 has now moved into its new premises on the Team
Valley trading estate in Gateshead, providing a larger footprint in
a superior location that will increase A1's profile. We also
accelerated investment in the fork-lift fleet during FY22 in
anticipation of continued supply chain challenges. This investment,
coupled with the possibility of being positioned to attract more
business from the numerous companies renting property on this
well-known trading estate, leads to an exciting time for the
business notwithstanding the ongoing supply chain challenges.
Other matters
As in prior years, we have presented amortisation and certain
other adjustments separately within the Consolidated Statement of
Comprehensive Income, to provide an indication of underlying
trading performance. The adjustments in the current year are for
the impairment charge related to A1 (as described further above and
below), amortisation of acquired intangibles, and provision for
settlement of the Springs legal claim (as described above) and
related legal costs. Adjustments in the prior year include the
impairment charge related to H Peel and amortisation. Calculations
supporting alternative performance measures are included in the
notes below.
During FY21, when our businesses were unable to operate on site,
with the consequent furloughing of direct and indirect employees,
we received significant sums from the Government's Coronavirus Job
Retention Scheme. These amounts are shown in other operating income
for FY21 and total GBP1.5 million. The majority of the related
staff costs are included in cost of sales for FY21, and this
consequently impacted reported gross margin that year. During FY22,
such amounts were much lower and totalled under GBP0.1 million.
The operating profit before amortisation and other adjustments
contributed by our trading subsidiaries was GBP3.7 million (2021:
GBP2.1 million), which was offset by corporate and central costs of
GBP1.1 million (2021: GBP0.7 million). The central costs in FY21
were unusually low due to temporary savings in corporate and
central costs due to lower activity levels and voluntary salary
reductions. Should future subsidiary profits increase via organic
growth or acquisition, central costs would not be expected to
increase proportionately and this would, therefore, provide some
operating leverage.
Impairment charge
As mentioned above, we recorded an impairment of goodwill
related to A1, our materials handling business, of GBP2.6m for
FY22.
Goodwill is a non-cash accounting estimate which arises on
acquisition of subsidiaries. We had noted in our annual report and
financial statements for FY21 that there was limited headroom when
comparing the recoverable amount to the carrying value of goodwill
at the balance sheet date. Despite some improvement in A1's trading
performance during FY22, the supply chain disruptions and
challenging industry outlook led us to record this impairment for
FY22.
The large majority of goodwill relates to acquisitions made in
the Group's early years between 2006 and 2008. These acquisitions
were completed at a time when different accounting standards were
in place which did not require separate identification of acquired
intangible assets and permitted capitalisation of deal costs,
resulting in a higher goodwill balance than would be likely under
current standards. Notwithstanding this, having impaired goodwill
related to H Peel and A1, the remaining carrying value of goodwill
is comfortably supported by current trading levels.
Cash Flow and Bank Facilities
The Group had a substantial net cash position (defined as cash
balances less the amount drawn down on our revolving credit
facility) of GBP2.2 million at 31 March 2022 (GBP2.1 million at 31
March 2021). Cash generated from operations during the year was
GBP2.2 million (2021: GBP3.8 million). These excess cash balances
have, to an extent, normalised post year-end, although the Group's
financial position remains strong.
As we have emphasised in previous years' results, our net
cash/bank debt position represents a snapshot at a particular point
in time and can move by up to GBP1.5 million in a matter of days,
given the nature, size and variety of contracts that we work on and
the related working capital balances.
The lowest position during the year was GBP1.6 million net bank
debt, the highest was GBP2.5 million net cash, and the average was
GBP0.1 million net bank debt.
We have made limited use of our committed GBP1 million overdraft
and GBP3.5 million revolving credit facility in FY22. While the
Group's working capital requirements will continue to vary
depending on the ongoing customer and contract mix, we believe that
our financial position and bank facilities provide us with ample
cash resources for the Group's ongoing operational
requirements.
Growth Initiatives
We have continued to challenge our subsidiary management teams
to consider opportunities to expand their businesses over the
medium term, notwithstanding the challenging trading conditions
during FY22. This could include a degree of geographic expansion
and/or the opportunity to broaden their product and service
offerings.
Supply Chain and Outlook
It has been widely publicised that industry-wide challenges
continue with respect to both the availability and price inflation
for construction materials. Our companies have strong and
well-established customer and supplier relationships and have been
able, on the whole, to work with both groups to ensure continuity
of supply for contracts and to pass on cost increases where
possible.
However, we have seen some impact on our results and expect this
situation could provide a short-term headwind to operations until
industry supply and demand revert to more typical levels.
Our forward order book remains strong and should support our
trading performance in the coming months, subject to potential
supply chain challenges and the business-specific considerations
noted in the trading statement above.
We regularly report that the timing of Group turnover and
profitability is difficult to predict despite the continued strong
order book, and our results can also be volatile on a month to
month basis. We will continue to update shareholders with ongoing
trading updates.
Strategy & Dividend
Following Board changes in late 2021, including my appointment
as Non-Executive Chairman, I commenced a process of engaging with
the Board and management to discuss and review the Group's strategy
and approach to capital allocation. This review remains ongoing
and, in recent months, we have assessed two potentially accretive
acquisitions of a more substantial size than those we have made
previously. Ultimately, these did not come to fruition. We continue
to explore avenues for increasing shareholder value.
As a result of our ongoing review, which includes dividend
policy, we did not declare a final dividend for the year ended 31
March 2022. I would note that we have the cash resources available
to pay a final dividend commensurable with prior year dividends,
should we have decided to declare one. Any future dividends would
be in line with the Group's relative performance, after taking into
account the Group's available resources, working capital
requirements, corporate opportunities, debt obligations, and the
macro-economic environment.
People
Anil Khera
Anil Khera joined us as a Non-Executive Director in November
2021. Mr Khera began his career at Credit Suisse, within DLJ Real
Estate Capital Partners, before joining Blackstone's real estate
investment team in 2006 where he spent 10 years, becoming a
managing director of the Real Estate Capital Markets team in 2011.
In 2016, Mr Khera founded Node Living, a fully integrated
residential investment, development and management company based in
London which operates across Europe and North America. I would like
to welcome Anil to the Board and look forward to working with him
over the coming years.
Harry Samuel
Harry Samuel joined us as a Non-Executive Director in November
2021. Mr Samuel spent over 20 years across various leadership roles
within Royal Bank of Canada ("RBC"). This included roles as Global
Head of Funding and Liquidity Asset Management, Foreign Exchange
and Commodities, and Fixed Income and Currencies, before becoming
CEO of RBC Capital Markets Europe in 2011 and subsequently CEO of
RBC Investor & Treasury Services and Chair of RBC's European
Executive Committee from 2013 to 2019. Mr Samuel currently serves
as CEO of Affordable Housing Communities Limited and Managing
Director of Affordable Housing and Healthcare Group Limited, a
leading UK developer, constructor and operator of shared ownership
communities working in partnership with local authorities, NHS
Trusts and institutional investors to create socially impactful
developments. I would like to welcome Harry to the Board and look
forward to working with him over the coming years.
Our workforce
As always, our loyal, dedicated, and skilled workforce is a key
part of our success and we make every effort both to retain and
protect them through continued training and health and safety
compliance, supported by our health and safety advisory business,
Northern Bear Safety Limited.
Conclusion
I am pleased with the Group's results for the year, particularly
in light of the ongoing headwinds and challenges facing our
industry.
I would like to once again thank all of our employees for their
hard work and commitment during a challenging year, and our
shareholders for their continued support.
Jeff Baryshnik
Non-Executive Chairman
18 July 2022
Consolidated statement of comprehensive income
for the year ended 31 March 2022
2022 2021
GBP000 GBP000
Revenue 61,098 49,182
Cost of sales (48,642) (40,726)
--------- ---------
Gross profit 12,456 8,456
Other operating income 99 1,549
Administrative expenses (10,005) (8,640)
------------------------------------------------ --------- ---------
Operating profit (before amortisation
and other adjustments) 2,550 1,365
One-off costs (648) -
Impairment charge (2,612) (2,807)
Amortisation of intangible assets arising
on acquisitions (13) (13)
------------------------------------------------ --------- ---------
Operating loss (723) (1,455)
Finance costs (156) (176)
--------- ---------
Loss before income tax (879) (1,631)
Income tax expense (449) (162)
--------- ---------
Loss for the year (1,328) (1,793)
--------- ---------
Total comprehensive income attributable
to equity holders of the parent (1,328) (1,793)
========= =========
Earnings per share from continuing operations
Basic loss per share (7.1)p (9.6)p
Diluted loss per share (7.1)p (9.6)p
--------- ---------
Consolidated balance sheet
at 31 March 2022
2022 2021
GBP000 GBP000
Assets
Property, plant and equipment 4,413 3,596
Right of use asset 1,702 1,094
Intangible assets 15,419 18,044
Trade and other receivables 708 872
Total non-current assets 22,242 23,606
-------- --------
Inventories 1,404 974
Trade and other receivables 12,152 9,843
Cash and cash equivalents 3,233 2,114
-------- --------
Total current assets 16,789 12,931
-------- --------
Total assets 39,031 36,537
======== ========
Equity
Share capital 190 190
Capital redemption reserve 6 6
Share premium 5,169 5,169
Merger reserve 9,703 9,703
Retained earnings 5,907 7,218
-------- --------
Total equity attributable to equity
holders of the Company 20,975 22,286
-------- --------
Liabilities
Loans and borrowings 1,000 -
Trade and other payables 58 122
Lease liabilities 1,606 1,039
Deferred tax liabilities 879 487
-------- --------
Total non-current liabilities 3,543 1,648
-------- --------
Loans and borrowings 38 28
Deferred consideration - 50
Trade and other payables 13,210 11,936
Provisions 600 -
Lease liabilities 609 533
Current tax payable 56 56
-------- --------
Total current liabilities 14,513 12,603
-------- --------
Total liabilities 18,056 14,251
-------- --------
Total equity and liabilities 39,031 36,537
======== ========
Consolidated statement of changes in equity
for the year ended 31 March 2022
Share Capital Share Merger Retained Total
capital redemption premium reserve earnings equity
reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 April 2020 190 6 5,169 9,703 9,011 24,079
Total comprehensive income
for the year
Loss for the year - - - - (1,793) (1,793)
At 31 March 2021 190 6 5,169 9,703 7,218 22,286
-------- ----------- -------- -------- --------- --------
At 1 April 2021 190 6 5,169 9,703 7,218 22,286
Total comprehensive income
for the year
Loss for the year - - - - (1,328) (1,328)
Transactions with owners,
recorded directly in equity
Exercise of share options - - - - 17 17
At 31 March 2022 190 6 5,169 9,703 5,907 20,975
======== =========== ======== ======== ========= ========
Consolidated statement of cash flows
for the year ended 31 March 2022
2022 2021
GBP000 GBP000
Cash flows from operating activities
Operating loss for the year (723) (1,455)
Adjustments for:
Depreciation of property, plant and equipment 671 600
Depreciation of lease asset 374 373
Amortisation 13 13
Impairment charge 2,612 2,807
(Profit)/loss on sale of property, plant
and equipment (29) -
2,918 2,338
Change in inventories (430) 33
Change in trade and other receivables (2,145) (1,434)
Change in trade and other payables 1,810 2,867
------- ---------
Cash generated from operations 2,153 3,804
Interest paid (101) (176)
Tax paid (57) (252)
------- ---------
Net cash flow from operating activities 1,995 3,376
------- ---------
Cash flows from investing activities
Proceeds from sale of property, plant
and equipment 588 420
Acquisition of property, plant and equipment (1,747) (1,200)
Acquisition of subsidiary (net of cash
acquired) (50) (50)
---------
Net cash from investing activities (1,209) (830)
------- ---------
Cash flows from financing activities
Issue of borrowings 1,010 -
Repayment of borrowings - (3,503)
Repayment of lease liabilities (694) (587)
Proceeds from the exercise of share options 17 -
Net cash from financing activities 333 (4,090)
------- ---------
Net increase/(decrease) in cash and
cash equivalents 1,119 (1,544)
Cash and cash equivalents at start of
year 2,114 3,658
------- ---------
Cash and cash equivalents at end of
year 3,233 2,114
======= =========
Notes
1 Basis of preparation
This announcement has been prepared in accordance with the
Company's accounting policies, which in turn are prepared in
accordance with the requirements of the Companies Act 2006 and
UK-adopted international accounting standards.
The accounting policies are the same as those applied in
preparation of the financial statements for the year ended 31 March
2021, apart from the following standards, amendments and
interpretations, which became effective for the first time, and
which were adopted by the Group for the financial year ended 31
March 2022:
-- Interest Rate Benchmark Reform - Phase 2 (Amendments to IFRS
9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) - effective date on or after
1 January 2021.
-- Covid 19-Related Rent Concessions Beyond 30 June 2021
(Amendment to IFRS 16 Leases) - effective date on or after 1 April
2021.
Their adoption has not had any material impact on the
disclosures or amounts reported in the financial statements.
For the purposes of their assessment of the appropriateness of
the preparation of the Group's accounts on a going concern basis,
the directors have considered the current cash position and
forecasts of future trading including working capital and
investment requirements.
During the year the Group met its day to day working capital
requirements through an existing GBP1 million bank overdraft and a
GBP3.5 million revolving credit facility. At 31 March 2022 the
Group had net cash of GBP2.2 million based on GBP3.2 million cash
and GBP1.0 million drawn on the revolving credit facility. The
overdraft facility was last renewed on 17 June 2022 for the period
to 31 May 2023. The Group's revolving credit facility was most
recently renewed on 19 March 2020 and is committed to 31 May 2023.
The Directors have a reasonable expectation of successful renewal
for both the overdraft and revolving credit facilities based on a
long standing and strong working relationship with the bank.
The Group's forecasts and projections, taking account of
reasonable possible changes in trading performance, show that the
Group and the Company should have sufficient cash resources to meet
its requirements for at least the next 12 months. Accordingly, the
adoption of the going concern basis in preparing the financial
statements remains appropriate.
2 Status of financial information
The financial information set out above does not constitute the
Company's financial statements for the years ended 31 March 2022 or
31 March 2021.
The financial statements for 2022 will be finalised on the basis
of the financial information presented by the Directors in this
preliminary announcement and will be delivered to the Registrar of
Companies following the Company's Annual General Meeting. The
results are unaudited; however, we do not expect there to be any
difference between the numbers presented and those within the
annual report.
The financial information for the year ended 31 March 2021 is
derived from the financial statements for that year, which have
been delivered to the Registrar of Companies. The auditor has
reported on the 2021 financial statements; their report was i)
unqualified, ii) did not include references to any matters to which
the auditors drew attention by way of emphasis, without qualifying
their report, and iii) did not contain a statement under section
498(2) or (3) of the Companies Act 2006.
3 Alternative performance measures
The Group uses Adjusted Operating Profit, Adjusted EBITDA, and
Adjusted EPS as supplemental measures of the Group's profitability,
in addition to measures defined under IFRS. The directors consider
these useful due to the exclusion of specific items that could
impact a comparison of the Group's underlying profitability, and is
aware that shareholders use these measures to assist in evaluating
performance.
The adjusting items for the alternative measures of profit are
either recurring but non-cash charges (amortisation of acquired
intangible assets), one-off non-cash items (impairment charges), or
one-off exceptional items (provision for settlement of legal claim
and associated costs).
Adjusted operating profit is calculated as below:
2022 2021
GBP'000 GBP'000
Operating loss (as reported) (723) (1,455)
One-off costs 648 -
Impairment charge 2,612 2,807
Amortisation of intangible assets arising on
acquisitions 13 13
Adjusted operating profit 2,550 1,365
-------- --------
Adjusted EBITDA is calculated as below:
2022 2021
GBP'000 GBP'000
Adjusted operating profit (as above) 2,550 1,365
Depreciation of property, plant and equipment 671 600
Depreciation of lease asset 374 373
Adjusted EBITDA 3,595 2,338
-------- --------
Adjusted basic and diluted earnings per share is presented in
note 4 below.
4 Earnings per share
Basic earnings per share is the profit or loss for the year
divided by the weighted average number of ordinary shares
outstanding, excluding those in treasury, calculated as
follows:
2022 2021
Loss for the year (GBP000) (1,328) (1,793)
Weighted average number of ordinary shares
excluding shares held in treasury for the proportion
of the year held in treasury ('000) 18,674 18,665
-------- --------
Basic loss per share (7.1)p (9.6)p
The calculation of diluted earnings per share is the profit or
loss for the year divided by the weighted average number of
ordinary shares outstanding, after adjustment for the effects of
all potential dilutive ordinary shares, excluding those in
treasury, calculated as follows:
2022 2021
Loss for the year (GBP000) (1,328) (1,793)
-------- --------
Weighted average number of ordinary shares
excluding shares held in treasury for the proportion
of the year held in treasury ('000) 18,674 18,665
Effect of potential dilutive ordinary shares
('000) 42 43
-------- --------
Diluted weighted average number of ordinary
shares excluding shares held in treasury for
the proportion of the year held in treasury
('000) 18,716 18,708
-------- --------
Diluted loss per share (7.1)p (9.6)p
-------- --------
The following additional earnings per share figures are
presented as the directors believe they provide a better
understanding of the trading performance of the Group.
Adjusted basic and diluted earnings per share is the profit or
loss for the year, adjusted for impairment charges, acquisition
related items and one-off costs, divided by the weighted average
number of ordinary shares outstanding as presented above.
Adjusted earnings per share is calculated as follows:
2022 2021
Loss for the year (GBP000) (1,328) (1,793)
Impairment charge 2,612 2,807
One-off costs 648 -
Amortisation of intangible assets arising on
acquisitions 13 13
Corporation tax effect of above items (123) -
-------- --------
Adjusted profit for the year (GBP000) 1,822 1,027
Weighted average number of ordinary shares
excluding shares held in treasury for the proportion
of the year held in treasury ('000) 18,674 18,665
-------- --------
Adjusted basic earnings per share 9.8p 5.5p
Adjusted diluted earnings per share 9.7p 5.5p
-------- --------
5 Other operating income
2022 2021
GBP'000 GBP'000
Coronavirus Job Retention Scheme receipts 63 1,460
Grants received 12 65
Rental income 24 24
-------- --------
99 1,549
-------- --------
6 Finance costs
2022 2021
GBP'000 GBP'000
On bank loans and overdrafts 101 97
Finance charges on lease liabilities 55 79
156 176
-------- --------
7 Loans and borrowings
2022 2021
GBP'000 GBP'000
Non-current liabilities
Secured bank loans 1,000 -
--------
1,000 -
-------- --------
Current liabilities
Other loans 38 28
-------- --------
38 28
-------- --------
The Group retains a GBP3.5 million revolving credit facility and
a GBP1.0 million overdraft facility, both with Virgin Money plc,
for working capital purposes.
As at 31 March 2022, a total of GBP1.0 million (2021: GBPnil)
was drawn down on the revolving credit facility, providing a net
cash figure at 31 March 2022 of GBP2.2 million (2021: GBP2.1
million) after offsetting cash and cash equivalents of GBP3.2
million (2021: GBP2.1 million).
The revolving credit facility was renewed on 19 March 2020 and
is committed until 31 May 2023. The overdraft facility was last
renewed on 17 June 2022 and is next due for routine review and
renewal on 31 May 2023.
8 Availability of financial statements
The Group's Annual Report and Financial Statements for the year
ended 31 March 2022 are expected to be approved by 25 July 2022 and
will be posted to shareholders during the week commencing 25 July
2022. Further copies will be available to download on the Company's
website at: http://www.northernbearplc.com/ . It is intended that
the Annual General Meeting will take place at the Company's
registered office, A1 Grainger, Prestwick Park, Prestwick,
Newcastle upon Tyne, NE20 9SJ, at 2:00pm on 14 September 2022.
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
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FR DZGMNKNNGZZM
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