26th Nov 2021 10:58
(Alliance News) - Northern Bear PLC on Friday said its interim results exceeded pre-pandemic levels despite supply chain disruptions and staffing challenges.
The Newcastle-based building services firm's pretax profit for the six months to September 30 swung to GBP1.4 million from a GBP2.4 million loss a year before.
This was on revenue growth of 50% year-on-year to GBP30.0 million from GBP20.1 million.
Northern Bear attributed the growth to a robust trading performance despite supply chain disruptions and staffing challenges.
The firm declared no interim dividend as its dividend policy is to only pay a final one.
Additionally, the company said the current set of results exceeded those of the comparable pre-pandemic period that recorded a pretax profit of GBP1.2 million on revenue of GBP27.8 million.
Northern Bear still noted uncertainty over the long-term outlook for the Covid-19 pandemic but stated it is well-positioned for the second half due to a strong order book that should support trading.
"We are pleased to announce strong operating results for the period, despite ongoing industry-wide challenges.
It is a testament to the executive team and subsidiary operating teams that these results exceed those from the comparable pre-pandemic period for the six months ended September 30, 2019. With a strong order book, we are well-positioned to continue to generate a more normalised level of profitability," Chair Jeff Baryshnik commented.
Shares were up 1.3% at 59.25 pence each on Friday morning in London.
By Abby Amoakuh; [email protected]
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