Northern Bear Plc Strategy, Dividends, and Trading Update (3747V)
05 Abril 2023 - 1:00AM
UK Regulatory
TIDMNTBR
RNS Number : 3747V
Northern Bear Plc
05 April 2023
5 April 2023
Northern Bear plc
("Northern Bear" or the "Company")
Strategy, Dividends, and Trading Update
The board of directors of Northern Bear plc (the "Board")
provides an update on its corporate strategy, dividend policy, and
trading for the Company and its subsidiaries (together, the
"Group") for the year ended 31 March 2023 ("FY23").
This update and the proposed dividend set out below are provided
subject to the finalisation of our audited results for FY23. The
Group's unaudited preliminary results for FY23 are expected to be
released in the week commencing 17 July 2023.
Strategy and Dividends
After a review of strategy and dividend policy, the Board is
pleased to report that the Group will pursue a dividend growth
strategy supported by the organic progress of the Group's
businesses and, to the extent accretive, bolt-on acquisitions. To
that end, the Group is pleased to announce its intention to declare
an ordinary dividend of 4p per share plus a special dividend for
FY23 of 1p per share. Going forward, the ordinary dividend is
expected to be paid semi-annually, with half paid after each of the
year-end period and the half year period, respectively.
Additionally, the Company intends to further increase its
engagement with the broader investment community.
Trading update
In the interim report for the six months to 30 September 2022
("HY23"), we reported that the Group generated strong operating
results despite ongoing industry-wide challenges with respect to
attracting and retaining employees in the construction industry.
Based on management information for the eleven months to February
2023, the Group has traded ahead of the prior year's results except
for a provision at our Northern Bear Building Services Limited
subsidiary, anticipated to be in the range of GBP500-GBP750k, to
account for certain unprofitable contracts. The Board expects that
operating profit for FY23, stated before amortisation, one-off
costs, and other adjustments (in the format used in prior years'
results, "adjusted operating profit") should exceed GBP2.75 million
(or GBP2.0-GBP2.25 million of reported operating profit net of the
provision), and we anticipate a net cash position for the Group at
year-end. As we have emphasised previously, the net cash or bank
debt position can vary significantly and rapidly given the nature,
size, and variety of contracts and their associated working capital
requirements.
Jeff Baryshnik, Non-Executive Chairman of Northern Bear,
commented:
"We are pleased to announce strong expected operating results
for FY23 and are excited to implement our dividend growth strategy.
We look forward to further engaging with shareholders and the wider
investment community to inform them about the Group."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018.
For further information, please contact:
Northern Bear plc
Jeff Baryshnik - Non-Executive Chairman
Tom Hayes - Finance Director +44 (0) 166 182 0369
Strand Hanson Limited (Nominated Adviser and Broker)
James Harris
James Bellman +44 (0) 20 7409 3494
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END
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