REG - Northern Bear Plc - Trading Update

Northern BearAnnouncement

30/10/2023 07:15

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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 £1.7m to £1.8m 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 £1.5m, 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 £6,000 adjustment for amortisation.  As at
30 September 2023, the Group had a net cash position of £0.4m (30 September
2022: net bank debt of £1.9m; 31 March 2023: net cash of £3.2m).

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                          +44 (0) 166 182 0369

 Jeff Baryshnik - Non-Executive Chairman

 Tom Hayes - Finance Director

 Strand Hanson Limited (Nominated Adviser)  +44 (0) 20 7409 3494

 James Harris

 James Bellman
                                            +44 (0) 20 3764 2341

 Hybridan LLP (Nominated Broker)

 Clarie Louise Noyce

 

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