Northern Bear Regulatory News (NTBR)

27 Mar 2008 07:00

Northern Bear Plc27 March 2008 Northern Bear Plc ("Northern Bear" or the "Company") Trading Update Northern Bear, a holding company for a growing portfolio of Northern basedbuilding services businesses, is pleased to announce a trading update ahead ofthe announcement of its preliminary results for the financial year ended 31March 2008. Northern Bear expects turnover and profit before tax for the 12 months to 31March 2008 to be at the upper end of market expectations, which the Companybelieves reflects a combination of its success in acquiring and integratingearnings enhancing businesses and its policy to diversify away from the cyclical"New Build" housing sector. There remains a wide pool of potential acquisitions which meet the Company'scriteria and therefore there continues to be ample opportunities tosubstantially increase the size of the business and enhance earnings per share,in line with the Company's stated acquisition strategy. The Company is currentlyevaluating a number of potential opportunities and during the year successfullycompleted four acquisitions: • Jennings Roofing Limited (Acquired November 2007) • Hastie D Burton Limited (Acquired June 2007) • Chirmarn Surveying Limited (Acquired May 2007) • Chirmarn Limited (Acquired May 2007) As a consequence of these acquisitions, the Company has diversified its customerbase, and developed its business away from the new build housing sector, whichis expected to contribute less than 15% of turnover in the current financialyear. The majority of the Company's customers undertake public funded projects, asegment of the market which continues to benefit from the Government'scommitment to the 'Decent Homes' initiative aimed at making significant capitalimprovements to local authority housing stock. In many cases we have had longstanding relationships with these customers which enables the Company to viewforward revenue streams with a high level of confidence. Northern Bear looks forward to further updating the market at the time of itspreliminary results for the year ended 31 March 2008, in late May 2008. Jon Pither, Chairman of Northern Bear, commented: "During the period we havedelivered on the targets we set, adding four cash generative businesses to ourgrowing portfolio of Northern based building services businesses, all of whichhave been successfully integrated and have contributed positively to theCompany's financial performance. We look forward to announcing our results inlate May 2008 and the Board remains confident of the Company's trading outlookfor the coming financial year." - Ends - Enquiries please contact: Northern Bear PlcGraham Forrest, Chief Executive0191 371 2934 Strand Partners LimitedJames Harris / Braden Saunders020 7409 3494 St Helen's CapitalRuari McGirr020 7628 5582 Cardew GroupTim Robertson / David Roach020 7930 0777 For further information on the Company please visit www.northern-bear.com Notes to Editors Northern Bear is the holding company for a growing portfolio of northern basedbuilding services businesses, currently comprising 10 businesses in total. TheCompany is focused on acquiring well established, cash generative buildingservices businesses based in the North of England in order to expand theportfolio of building services that the group currently offers. Northern Bear iscommitted to diversifying its customer portfolio, and is successfullyimplementing its policy to further develop its business away from the cyclical"New Build" housing sector, which is expected to contribute less than 15% ofNorthern Bear's turnover in the current financial year. Northern Bear is listedon the AIM market of the London Stock Exchange under the ticker symbol "NTBR". Northern Bear currently has 10 businesses in its portfolio, including: • Jennings Roofing Limited (Acquired November 2007) • Hastie D Burton (Acquired June 2007) • Chirmarn Surveying Limited (Acquired May 2007) • Chirmarn Limited (Acquired May 2007) • MGM Limited (Acquired February 2007) • Floor Joist (Acquired December 2006) • Wensley Roofing (Acquired December 2006) • Springs Roofing (Acquired December 2006) • Roof Truss (Acquired December 2006) • Isoler (Acquired December 2006) This information is provided by RNS The company news service from the London Stock Exchange