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(Alliance News) - Northern Bear PLC said Tuesday it expects to report a year-on-year fall in first half adjusted operating profit due to slow trading in the first quarter.
For the six months to the end of September, the building services firm expects operating profit before amortisation and other adjustments to be between GBP1.3 million to GBP1.4 million, a 17% to 23% drop from GBP1.7 million the same period the year before.
In July, Northern Bear said trading for the first quarter to the end of June was slow due to a number of contract delays, arising from matters beyond the company's control. However, now that such contracts have started, trading was stronger in the second quarter.
Looking ahead, Northern Bear said it continues to hold a significant order book, and expects the momentum from the second quarter to continue in the second half of the year.
"We consider the outlook for the current financial year to remain positive, despite continued uncertainty in the macro-economic environment, and are hopeful of reporting another strong set of full year results," the company stated.
Northern Bear will publish its interim results on November 25.
Shares in Northern Bear were up 2.8% at 70.90 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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