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NTBR Northern Bear Plc

60.50
1.00 (1.68%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Northern Bear Plc LSE:NTBR London Ordinary Share GB00B19FLM15 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  1.00 1.68% 60.50 60.00 61.00 60.50 59.50 59.50 101,044 12:58:27
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Roof,siding,sheet Metal Work 69.72M 1.59M 0.0850 7.12 11.33M

Northern Bear Plc Trading Update (7414H)

12/06/2017 7:00am

UK Regulatory


Northern Bear (LSE:NTBR)
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RNS Number : 7414H

Northern Bear Plc

12 June 2017

12 June 2017

Northern Bear PLC

("Northern Bear", the "Company" or, together with its subsidiaries, the "Group")

Trading Update

The board of directors of Northern Bear plc (the "Board") is pleased to provide an update on its trading for the year ended 31 March 2017 ("FY2017").

Highlights

-- Earnings per share from continuing operations for FY2017 are ahead of FY2016 and management expectations following another strong year's trading.

   --      Net positive cash position at 31 March 2017 (31 March 2016: GBP2.5m net bank debt). 
   --      Progressive dividend policy to continue (FY2016: 2.0p per share). 

Trading

The Board is delighted to announce that the unaudited preliminary results after tax for continuing operations for FY2017 will be ahead of prior year results and management expectations.

This has been achieved through an increase in turnover following a relatively mild winter and continued strong performance, particularly in the Group's Roofing division, along with continued careful contract selection and management.

The Company disposed of its subsidiary Chirmarn Holdings Limited on 31 March 2017, as previously announced, following a strategic review. As a result the Group will report a loss on discontinued operations in the year which will include trading losses of GBP0.2m (FY2016: GBP0.1m profit), a loss on book value on disposal, and a non-cash write off of related goodwill.

Reduction in bank debt

The strong trading performance has resulted in a further significant improvement in the Group's financial position. The Group will, for the first time since flotation, report a positive net cash position at 31 March 2017 (31 March 2016: GBP2.5m net bank debt).

Operational Matters

We have experienced excellent results from continuing operations across the whole Group being roofing services, building services and materials handling. We have carried out work from the North of Scotland to Cornwall and an element of the growth that has been achieved is attributable to the geographical expansion of the Group's customer base.

We have moved into the new financial year with a particularly strong order book for the time of year which currently provides optimism for another good set of results in the year ending 31 March 2018.

Dividend

In view of the continued strong performance of the Group, the Board is pleased to announce that it is planning to increase the proposed final dividend in respect of the year ended 31 March 2017 (FY2016: 2.0p per share) subject to Shareholder approval.

Steve Roberts, Executive Chairman of Northern Bear, commented:

"As a Board, we are again delighted with the performance of the Group in the year ended 31 March 2017. We are fortunate to have a very strong management team in all of our businesses and the continued strong performance is testament to their efforts and skills.

"After careful consideration, and over a two year period during which many options were assessed, we decided to dispose of our asbestos removal business, Chirmarn, to concentrate our efforts in other business sectors where the board believes greater growth can be achieved. The results from continuing operations assisted us in making this decision.

"As previously reported, after many years of effort reducing bank debt, we are delighted to announce that the Group had a net positive cash balance at 31 March 2017. Whilst there are obviously working capital swings within any given month, our GBP4.5m of revolving and overdraft facilities provide us with the resource to continue with our progressive dividend policy whilst having the financial wherewithal to look at smaller acquisitions without the need to raise new equity.

For further information please contact:

 
 Northern Bear Plc 
 Steve Roberts - Executive Chairman    +44 (0) 84 5680 2369 
 Tom Hayes - Finance Director          +44 (0) 84 5680 2369 
 
 Strand Hanson Ltd 
 James Harris / James Spinney          +44 (0) 20 7409 3494 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

June 12, 2017 02:00 ET (06:00 GMT)

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