Northern Bear pleased with results in “unprecedented” circumstances

Nordbär satisfied with results below

Newcastle-based building technology company Northern Bear said it was "very happy" with its annual results "given the unprecedented circumstances" that influenced it throughout the year.

The listed company reported sales of £ 54.4m for the year ending 31 March 2020, compared to £ 56.6m in 2018/19.

Operating profit also decreased from GBP 3.3 million in the previous year to GBP 2.1 million. The subsidiaries' adjusted operating profit was £ 3.1m after £ 4.3m.

Northern Bear said its order backlog continued to grow throughout the year, but results were significantly affected by events beyond the group's control.

The company cited the impact of ongoing uncertainty about Brexit, the general election, record-breaking storms in the spring, and the outbreak of the coronavirus as factors that impact results for 2019/20.

In January, the company acquired York-based electronics company J Lister Electrical.

Northern Roberts Executive Chairman Steve Roberts said: "Given the unprecedented circumstances the group has faced throughout the financial year, we are very pleased with the financial performance of the group.

"While these circumstances meant that the group was unable to achieve the level of profitability that would normally have been possible from its very strong opening order book, this order book has continued to grow, which should lead to a sustained period of strong profitability that is now more normal operational activity appears to be returning. "

Northern Bear also announced that Howard Gold, a non-executive director and former chair of the group, has stepped down from the board.

At the end of March, Graham Jennings resigned as the group's managing director.



Source link

Be the first to comment

Leave a Reply

Your email address will not be published.


*