13th Jun 2018 11:17
LONDON (Alliance News) - Shares rose in Northern Bear PLC on Wednesday as it said it has continued to trade strongly over the second half of its current financial year, despite severe winter weather in the UK.
Shares in the building services company rose 19% at 83.00 pence on Wednesday following the announcement.
As a result of the strong trading, and the contribution from H Peel & Sons Ltd following its acquisition in July 2017, operating profit and revenue for the year ended March 31 is set to be ahead of the year before. Operating profit for the year to the end of March 2017 was GBP2.5 million, while revenue was GBP45.6 million.
In addition, Northern Bear said it holds a high level of committed orders, which implies another good performance for the current year.
"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," said Executive Chairman Steve Roberts.
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