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Northern Bear

  • BY: Andrew Hore |
  • POSTED: 12/06/2017 |

Building services supplier Northern Bear says 2016-17 earnings per share for continuing operations are ahead of expectations. 

The share price jumped 14p to 70.5p.

There was a strong performance by the roofing division. The group benefited from a mild winter and a wider geographic spread of business. There is a strong order book.

In April, Northern Bear sold loss-making asbestos removal firm Chirmarn Holdings for £50,000 and there will be an exceptional disposal loss as well as a trading loss from discontinued activities of £200,000.

A £3.5m revolving credit facility has been secured with Yorkshire Bank and that lasts until May 2020. There is also a £1m overdraft. Interest rates are lower than on the previous facilities. However, there was net cash at the end of March 2017. The dividend, which was 2p a share last year, will be raised. 

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