7 May 2024
Northern Bear plc
("Northern Bear" or the "Company")
Trading update
Northern Bear (LSE:NTBR), the AIM quoted group headquartered in Northern England providing specialist building and support services to customers across the UK, is pleased to provide an update on trading in the financial year ended 31 March 2024 ("FY24") for the Company and its subsidiaries (together, the "Group").
Further to the interim results reported on 29 November 2023, the Group has continued to trade well over the six months ended 31 March 2024 ("H2 FY24"). There has been significantly higher rainfall than normal during H2 FY24, with rainfall in the North East at 153% of the long term average per Environment Agency statistics, and a total of nine named storms. This has inevitably caused some disruption to the Group's site activities, consistent with the wider construction sector.
As a result, revenue and adjusted operating profit* for FY24 are expected to be broadly in line with market expectations, albeit at the lower end with regards to operating profit. The Board considers this to be a very positive result in the circumstances, and would like to thank the Group's employees for their continued hard work and commitment.
This update is provided subject to the finalisation of our audited results for FY24. The Group's unaudited preliminary results for FY24 are expected to be released in the week commencing 15 July 2024.
*stated prior to the impact of amortisation, costs related to the recent tender offer to shareholders, and other one-off costs.
For further information, please contact:
| Northern Bear PLC John Davies - Chief Executive Officer Tom Hayes - Finance Director | +44 (0) 166 182 0369
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Strand Hanson Limited (Nominated Adviser) James Harris James Bellman |
+44 (0) 20 7409 3494 |
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Hybridan LLP (Nominated Broker) Claire Louise Noyce |
+44 (0) 20 3764 2341 |
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