Building firm FY results will be ahead of expectations for year to 31 March
Companies: Northern Bear
Building services firm Northern Bear released an important trading update this morning, saying performance for the year ending 31 March will be ahead of expectations after sharp increase in overall revenue and a strong performance from the Group's roofing division.
EPS for FY17 and FY16 is ahead of management expectations, and the Group now has a net positive cash position.
As a result of the impressive performance, the Group said it was planning to increase the proposed final dividend for the year to 31 March, but didn't mention by how much. Last year's dividend was 2p/share.
Executive Chairman Steve Roberts said he was delighted with the performance during the year, attributing the results to its management team in each business and their efforts and skills:
Speaking about the disposal of Chirmarn, he said:
"After careful consideration, and over a two-year period during which many options were assessed, we decided to dispose of our asbestos removal business, Chirmarn, to concentrate our efforts in other business sectors where the board believes greater growth can be achieved. The results from continuing operations assisted us in making this decision."
After several years of reducing bank debt, the group said it was delighted to announce a net positive cash balance at the end of March.
Looking to the new financial year, the company said it had a "particularly" strong order book for the time of year, which will give investors with some optimism for another decent set of results in 2018.