Northern Bear Plc Trading Update (6209R)
October 30 2023 - 3:00AM
UK Regulatory
TIDMNTBR
RNS Number : 6209R
Northern Bear Plc
30 October 2023
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30 October 2023
Northern Bear plc
("Northern Bear", the "Company" or, together with its
subsidiaries, the "Group")
Trading Update
Northern Bear (LSE:NTBR), the AIM quoted holding company of the
group of companies providing specialist building and support
services headquartered in Northern England and serving customers
across the UK, is pleased to provide an update on trading for the
six-month period ended 30 September 2023 ("H1 FY24" or the
"Period") for the Group.
The Company's previous trading update on 12 September 2023 which
was reiterated on 23 October 2023 stated that the Group had traded
in line with management's expectations and ahead of strong prior
year results, and that site activity levels remained high despite
the ongoing macro-economic challenges and their related impact on
the construction industry.
The Board is pleased to announce that the Group's interim
results for the six-month period ended 30 September 2023 are
expected to report operating profit, stated prior to amortisation
and one-off costs (in the format used in our last full year
results), in the range of GBP1.7m to GBP1.8m for the period.
This represents a significant improvement on the prior period
comparative for the six-month period ended 30 September 2022 ("H1
FY23" or the "Prior Period") of GBP1.5m, which was considered a
very strong performance, and is testament to the hard work and
commitment of the Group's employee base.
The only item expected to be classed as 'amortisation and
one-off costs' in the Period and Prior Period is a GBP6,000
adjustment for amortisation. As at 30 September 2023, the Group had
a net cash position of GBP0.4m (30 September 2022: net bank debt of
GBP1.9m; 31 March 2023: net cash of GBP3.2m).
The above estimates are subject to finalisation of the Group's
unaudited interim results for H1 FY24, which are expected to be
released in the week commencing 27 November 2023 along with further
guidance on expected full year results.
The Group's forward order book remains strong and should support
trading performance in the coming months, subject to ongoing
uncertainties in the macro-economic climate in which the Group
operates.
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)
James Harris
James Bellman +44 (0) 20 7409 3494
Hybridan LLP (Nominated Broker)
Clarie Louise Noyce +44 (0) 20 3764 2341
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END
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