1st Jun 2016 07:28
LONDON (Alliance News) - Building services company Northern Bear PLC on Wednesday said earnings for its financial year to the end of March were in line year-on-year despite weather constraints.
Northern Bear said the flooding which hit the north of England in late 2015, plus prolonged periods of high winds during the winter, seriously affected its ability to carry out site works, particularly for its roofing arm.
As a result, revenue will fall in the 2016 financial year, though net profit has been maintained by selectivity on contracts and eschewing lower-margin work.
Northern Bear said its order book remains strong and the current financial year has started well. In addition, it intends raising its dividend payout for the 2016 financial year, having paid out 1.5 pence a year earlier.
Shares in Northern Bear were up 9.5% to 46.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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