Northern Bear hit by 'frustratingly slow' first quarter

25th Nov 2019 08:11

(Sharecast News) - Building services group Northern Bear saw both profits and revenues decline in the first following a "frustratingly slow" first quarter.
Contract delays weighed on Northern Bear's interim performance, dragging pre-tax profits down 25% to £1.6m as revenues dipped 2.8% to £28.6m. Earnings per share fell to 5.4p from 6.9p a year earlier.

However, Northern Bear said its second quarter was much stronger as the previously delayed contracts started within the period.

The AIM-listed company said it continued to hold a high level of committed orders but did note there was limited short-term visibility as to when the orders would be realised.

Chairman Steve Roberts said: "Following a frustratingly slow first financial quarter to 30 June, resulting from contract delays, we have experienced a much stronger second quarter to 30 September, with excellent results across the Group having been achieved since July.

"The group continues to hold a significant order book, and we consider the outlook for the second half of the current financial year to be positive."

As of 1040 GMT, Northern Bear shares had fallen 6.74% to 68.08p.