19th May 2014 09:28
LONDON (Alliance News) - Northern Bear PLC Monday said it plans to resume payment of a final dividend for the year ended March 31, after it traded ahead of management expectations during the recent year.
The company, which acquires and operates mature building-services businesses based in the north of England, said trading in the second half of the year, which is often hurt by bad weather, showed particularly strong results.
AIM-listed Northern Bear said its current order book levels are "very encouraging". It said a strong pipeline of orders, coupled with a bright outlook for both the national and local construction sectors, bodes well for its specialist building and support services businesses.
Financially, Northern Bear said it has managed to reduce net debt by maintaining a tight control of costs and maximising the performance of its larger divisions.
"Given the apparent upturn in the sector and a continuing, strong trading performance by the company on an ongoing basis, a larger debt reduction should be possible on an annual basis in future," the firm said.
Northern Bear didn't say when it would report its full-year earnings. Last year, it released them in August.
Northern Bear shares were quoted up 32% at 40.00 pence, making it one of the biggest gainers on AIM.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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