NORTHERN BEAR PLC

Earnings Release • Jun 13, 2018

National Storage Mechanism | Additional information

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RNS Number : 1812R

Northern Bear Plc

13 June 2018

13 June 2018

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 2018 ("FY2018").  

Trading

The Group's continuing operations have continued to trade strongly and ahead of management expectations over the second half of the financial year, despite the severe winter weather, particularly during the first three months of 2018.  There has also been a positive contribution to results from H Peel & Sons Limited ("H Peel") following its acquisition on 25 July 2017. 

The Board is delighted to announce that the unaudited preliminary results will show both revenue and operating profit for continuing operations for FY2018, both before and after the impact of transaction costs and amortisation of acquired intangibles associated with the H Peel acquisition, ahead of prior year results.

The Group continues to hold a high level of committed orders which provides optimism for another good set of results in the year ending 31 March 2019. 

Dividend

In view of the continued strong performance of the Group, the Board is pleased to announce that it is planning to continue with a progressive dividend policy in respect of the year ended 31 March 2018 (FY2017: 2.5p per share) subject to Shareholder approval.

Steve Roberts, Executive Chairman of Northern Bear, commented:

"As a Board, we are again delighted to be reporting another strong performance for the Group in the year ended 31 March 2018.

"I am pleased to report that H Peel has made a positive contribution to results following its acquisition last year and is trading in line with our expectations.  We continue to believe that H Peel will be a real asset to the Group.

"Our revolving and overdraft bank facilities provide us with the resource to continue with our progressive dividend policy whilst having the financial wherewithal to look at similar 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 Limited
James Harris / James Spinney	+44 (0) 20 7409 3494

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.

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