Northern Bear H1 operating profits up on the year

30th Oct 2023 11:44

(Sharecast News) - Building and support services firm Northern Bear said on Monday that it now expects to report operating profits of £1.7m to £1.8m for the six months ended 30 September.

Northern Bear said it had continued to trade in line with management's expectations and ahead of strong prior year results throughout the half, and also noted that site activity levels remained high despite ongoing macroeconomic challenges and their related impact on the construction industry.

The AIM-listed firm noted that that its expected interim operating profits represented "a significant improvement" on the prior period comparative of £1.5m, which was considered "a very strong performance".

Northern Bear added that the only item expected to be classed as "amortisation and one-off costs" in the half was a £6,000 adjustment for amortisation. As of 30 September, the group had a net cash position of £400,000.

As of 1140 GMT, Northern Bear shares were up 0.14% at 56.58p.

Reporting by Iain Gilbert at Sharecast.com