2nd Oct 2008 07:00
Northern Bear Plc
("Northern Bear" or the "Company")
Trading Update
Northern Bear, the Northern based building services business, is pleased to announce a trading update ahead of the publication of its interim results for the 6 month period ended 30 September 2008.
In the current economic climate of acute uncertainty, the Board believes it would be useful to confirm that it expects turnover and profit before tax for the 6 month period to be in line with market expectations. The Board believes that this reflects the continued implementation of its previously stated policy of diversifying away from "New Build" housing sector, which now accounts for just 11 per cent. of turnover, and the Company's success in integrating the businesses it has acquired. Northern Bear remains financially sound and continues to operate well within its agreed banking covenants.
The general economic climate remains challenging and, in view of this, the acquisition criteria adopted by the Company have been further tightened. Nevertheless, there remain ample opportunities to allow the Company to continue its acquisition strategy during the coming year.
Northern Bear looks forward to further updating the market at the time of the announcement of its interim results for the period ended 30 September 2008, before Christmas.
-Ends-
Enquiries please contact:
Northern Bear Plc
Graham Forrest, Chief Executive
0191 371 2934
Strand Partners Limited
James Harris
020 7409 3494
St Helen's Capital
Ruari McGirr
020 7628 5582
Related Shares:
Northern Bear