REG - Northern Bear Plc - Preliminary Results
17/07/2023 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230717:nRSQ1491Ga&default-theme=true
RNS Number : 1491G Northern Bear Plc 17 July 2023
17 July 2023
Northern Bear PLC
("Northern Bear" or the "Company")
Preliminary results for the year ended 31 March 2023
The board of directors of Northern Bear (the "Board") is pleased to announce
its unaudited preliminary results for the year ended 31 March 2023 ("FY23")
for the Company and its subsidiaries (together, the "Group").
Financial summary
· Revenue increased 14.1% to £69.7m (2022: £61.1m)
· Operating profit increased to £2.2m (2022: £0.7m operating
loss)
· Adjusted EBITDA* increased 13.9% to £4.1m (2022: £3.6m)
· Adjusted operating profit* increased 13.4% to £2.9m (2022:
£2.6m)
· Adjusted basic earnings per share* increased 19.4% to 11.7p
(2022: 9.8p)
· Cash generated from operations increased 28.9% to £2.8m (2022:
£2.2m)
· Net cash position at year end of £3.2m (2022: net cash of
£2.2m)
· One-off contract losses relating to Arcas Building Solutions
Limited (formerly Northern Bear Building Services) ("Arcas") of £0.7m (2022:
£nil)
* stated prior to the impact of impairments, amortisation, Arcas contract
losses and other one-off costs
Operational summary
· The Group generated strong operating results during FY23 and has
not experienced any slowdown in business to date, despite widely publicised
concerns about rising interest rates and their potential effects on the UK
economy.
· As previously announced, the Group will pursue a dividend growth
strategy supported by the organic progress of the Group's businesses and, to
the extent accretive, bolt-on acquisitions. To that end, the Group announced
its intention to declare an ordinary dividend of 4p per share plus a special
dividend for FY23 of 1p per share. The ordinary dividend is expected to be
paid semi-annually, with half paid after each of the year-end period and the
half year period, respectively.
· John Davies was recently appointed as the new Managing Director
for Arcas Building Solutions Limited. John has had an illustrious career in
the construction industry including positions as Managing Director of Meldrum
Group and Chief Operating Officer of Esh Group, two large construction
companies for which he oversaw substantial profitable growth.
Outlook
· Early indications are that FY24 is progressing in a similarly
strong manner as FY23, for the financial year to date. As always, the timing
of Group turnover and profitability is difficult to predict despite the
continued strong order book and our results are subject to monthly
variability.
· Inflationary pressures on construction materials prices have
eased somewhat, which should lead to improved visibility on near-term
profitability.
· Our forward order book remains strong and should support our
trading performance in the coming months.
Jeff Baryshnik, Non-Executive Chairman of Northern Bear, commented:
"We are delighted to announce one of the strongest full year adjusted
operating profits reported in the history of Northern Bear and are excited to
implement our dividend growth strategy. We look forward to providing further
updates to our shareholders and the wider investment community during the
second half of 2023."
For further information contact:
Northern Bear PLC
Jeff Baryshnik - Non-Executive Chairman +44 (0) 166 182 0369
Tom Hayes - Finance Director +44 (0) 166 182 0369
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409 3494
James Harris
James Bellman
Hybridan LLP (Nominated Broker) +44 (0) 203 764 2341
Claire Louise Noyce
Chairman's Statement
Introduction
I am delighted to report the results for the year to 31 March 2023 ("FY23" or
"2023") for Northern Bear and its subsidiaries (together, the "Group"), which
reflects one of the strongest full year adjusted operating profits reported in
our history, which has been achieved despite the well-publicised issues
relating to attracting and retaining employees in our industry.
Trading
Our companies have strong and well-established supplier relationships and have
been able, on the whole, to work with our robust supply chain to ensure
continuity of supply for customer contracts. Additionally, we have not
experienced any slowdown in business to date despite widely publicised
concerns about rising interest rates and their potential effects on the UK
economy.
Revenue for FY23 was £69.7 million (2022: £61.1 million) and reported gross
margin was 20.0% (2022: 20.4%) despite the impact of certain unprofitable
contracts at Arcas in FY23. Administrative expenses, however, increased to
£11.8 million (2022: £10.0 million) in large part due to increases in
payroll, motor and fuel expenses, insurance costs, and general cost inflation.
The payroll increase relates primarily to the recruitment of additional
commercial and operational staff, particularly at MGM Limited ("MGM") and
Isoler Limited ("Isoler"), which have both performed strongly in recent years
and are businesses in which we foresee further opportunities for profitable
growth.
The Group generated strong operating results, reporting a profit for the year
of £1.6 million (2022: loss of £1.3 million) and an operating profit of
£2.1 million (2022: loss of £0.7 million). Adjusted operating profit for
FY23 ("adjusted operating profit", as presented in Note 3 below) was £2.9
million (2022: £2.6 million), and adjusted earnings before interest, taxes,
depreciation, and amortisation ("adjusted EBITDA", as presented in Note 3
below) for FY23 was £4.1 million (2022: £3.6 million). Adjusted basic
earnings per share (as presented in Note 4 below) was 11.7p (2022: 9.8p) and
reported basic earnings per share was 8.5p (2022: 7.1p loss per share).
Adjusted EBITDA, adjusted EBIT and adjusted earnings per share are presented
prior to the impact of Arcas contracts losses and amortisation in the current
year, and amortisation, impairment charges and one-off costs in the prior
year. More detail on these items is provided below.
Northern Bear Roofing
Despite the issues with labour availability in the roofing industry, our
Roofing division performed well in FY23, with adjusted divisional EBITDA
increasing to £2.5 million in FY23 (2022: £2.2 million), or an increase of
12%. Reported divisional EBITDA for 2022 after the impact of the Springs
Roofing Limited ("Springs") provision, described below, was £1.6 million.
Wensley Roofing Limited ("Wensley") had a particularly strong year,
principally due to its securing of additional framework agreements from local
social housing providers and their associated general contractors. The Roofing
division maintains a strong order book across Wensley, Springs, and Jennings
Roofing Limited. These strong results are a testament to our three Managing
Directors, their teams, and their excellent relationships with our supply
chain.
As announced on 8 July 2022 and accounted for in the prior year results, we
decided to settle, for the sum of £0.6 million, a legal claim against Springs
brought by Engie Regeneration (FHM) Limited, which was recently renamed to
Equans (collectively, "Equans"), where court proceedings had been issued in
December 2021 for an original claim of £1.9 million. While the Springs
directors believed the claim was without merit, we took into consideration the
commercial risk of litigation and the potential for irrecoverable costs to be
incurred in defending the claim. Springs and Northern Bear's other
subsidiaries retain excellent commercial relationships with Equans' regional
and national management team. As such, Equans continues to be an important
and valued customer for the Group. There are no other pending legal claims
against the Company or its subsidiaries, and we are not aware of any matter
that could lead to a material legal claim.
Northern Bear Specialist Building Services
Our Specialist Building Services division performed well in FY23, prior to the
impact of the loss-making contracts at Arcas, with adjusted divisional EBITDA
increasing to £1.9 million in FY23 (2022: £1.8 million), or an increase of
8%. Reported divisional EBITDA was £1.2 million in FY23 after the impact of
these unprofitable contracts described in more detail below. Additionally, H.
Peel & Sons Limited ("H Peel") has experienced further stabilisation of
its core markets.
MGM, our specialist construction and refurbishment business, has seen
continued steady performance. The order book is strong and we believe this
business is primed for further growth following recent personnel additions.
H Peel, our fit out and interiors business, experienced some stabilisation of
its operational performance as its core hospitality and leisure markets
continue to recover post pandemic. We are cautiously optimistic for a
continued stabilisation in H Peel's core markets, and of a resultant
improvement in H Peel's trading.
J Lister Electrical Limited ("J Lister"), our electrical contractor, saw
continued steady profitability during FY22. In light of current order book
levels, we are optimistic that trading at J Lister will continue to improve.
Isoler, our fire protection contracting business, has continued to perform
very strongly, with an impressive and growing reputation for good quality
workmanship. Isoler has won expanded mandates from their general contractor
customers and local social housing providers during FY23.
As preliminarily announced on 5 April 2023, our Arcas subsidiary undertook a
small number of contracts in the year where significant trading losses were
incurred under prior management. Initially, we announced that this would be
up to £750k. The final calculation of the impact during FY23 was £733k,
including a provision for losses through to completion. After the financial
year-end, John Davies was appointed as the subsidiary's new Managing Director,
and it was renamed as Arcas Building Solutions Limited. Following John's
appointment and related operational and management changes, these losses are
expected to be a one-off issue.
Northern Bear Materials Handling
Our materials handling business, Alcor Handling Solutions Limited ("Alcor"),
formerly known as A1 Industrial Trucks, has seen a significant improvement in
its profitability despite continued delays in receiving delivery of new
forklift trucks due to supply chain interruptions. Divisional EBITDA increased
to £0.8 million in FY23 (2022: £0.6 million), an increase of 34%.
Alcor's new premises in the prominent Team Valley Trading Estate in Gateshead
provides a larger footprint in a superior location, which we believe will
increase Alcor's profile. We also continued our investment in the forklift
fleet during FY23 which should support near-term growth. This investment,
coupled with the possibility of being positioned to attract more business from
the numerous companies renting property on this well-known trading estate,
should mean an exciting time for the business.
Other matters
As in prior years, we have presented amortisation and certain other
adjustments separately within the Consolidated Statement of Comprehensive
Income, to provide an indication of underlying trading performance. The
adjustments in the current year are for the amortisation of acquired
intangibles. Adjustments in FY22 include impairment charges, one-off costs,
and amortisation. Calculations supporting alternative performance measures
are also included in the notes below.
The operating profit before amortisation and other adjustments contributed by
our trading subsidiaries during FY23 was £4.2 million (2022: £3.7 million),
which was offset by corporate and central costs of £1.3 million (2022: £1.1
million). Should future subsidiary profits increase via organic growth or
acquisition, central costs would not be expected to increase proportionately
and this would, therefore, provide some operating leverage.
Impairment charge
The large majority of goodwill relates to acquisitions made in the Group's
early years, between 2006 and 2008. These acquisitions were completed at a
time when different accounting standards were in place which did not require
separate identification of acquired intangible assets and permitted
capitalisation of deal costs, resulting in a higher goodwill balance than
would be likely under current standards. Notwithstanding this, having
previously taken goodwill impairment provisions related to H Peel and Alcor,
we believe that the remaining carrying value of goodwill is comfortably
supported by current trading levels.
Cash Flow and Bank Facilities
The Group had a substantial net cash position, defined as cash balances less
the amount drawn down on our revolving credit facility, of £3.2 million at 31
March 2023 (£2.2 million at 31 March 2022). Cash generated from operations
during the year was £2.8 million (2022: £2.2 million). As was the case for
prior years, these excess cash balances have, to an extent, normalised post
year-end, although the Group's financial position remains strong.
As we have emphasised in previous years' results, our net cash (or net bank
debt) position represents a snapshot at a particular point in time and can
move by up to £1.5 million in a matter of days, given the nature, size and
variety of contracts that we work on and the related working capital
balances.
The lowest position during the financial year was £2.7 million net bank debt,
the highest was £3.2 million net cash, and the average was £0.8 million net
bank debt.
We have made limited use of our committed £1 million overdraft and £3.5
million revolving credit facility in FY23. While the Group's working capital
requirements will continue to vary depending on the ongoing customer and
contract mix, we believe that our financial position and bank facilities
provide us with ample cash resources for the Group's ongoing operational
requirements.
Growth Initiatives
We have continued to challenge our subsidiary management teams to consider
opportunities to expand their businesses over the medium term, notwithstanding
the mature nature of our businesses. This could include a degree of geographic
expansion and/or the opportunity to broaden their product and service
offerings.
Strategy & Dividend
As announced on 5 April 2023, after a review of strategy and dividend policy,
the Board reported that the Group will pursue a dividend growth strategy
supported by the organic progress of the Group's businesses and, to the extent
accretive, bolt-on acquisitions. To that end, the Group announced its
intention to declare an ordinary dividend of 4p per share plus a special
dividend for FY23 of 1p per share. The ordinary dividend is expected to be
paid semi-annually, with half paid after each of the year-end period and the
half year period, respectively.
The proposed dividends are subject to shareholder approval at the Annual
General Meeting to be held on 12 September 2023. If approved, the semi-annual
portion of the ordinary dividend and the special dividend both will be payable
on 15 September 2023 to shareholders on record at 25 August 2023. The
remaining semi-annual portion of the ordinary dividend will be payable on 15
March 2024 to shareholders on record at 23 February 2024.
The Board will continue to assess whether future special dividends will be
paid but our intention is to implement a progressive dividend policy overall,
subject to overall profitability and cash flows that are roughly in line with,
or in excess of, those of the past two financial years.
More generally, the Company intends to further increase its engagement with
the broader investment community and continues to explore avenues for
increasing shareholder value.
Outlook
Our forward order book remains strong and should support our trading
performance in the coming months, subject to any business-specific
considerations noted in the trading statement above.
As we have regularly reported, the timing of Group turnover and profitability
is difficult to predict despite the continued strong order book and our
results are subject to monthly variability. We will continue to update
shareholders with ongoing trading updates.
People
John Davies
After year-end, John Davies was appointed as the new Managing Director for
Arcas. John has an illustrious career in the construction industry including
positions as Managing Director of Meldrum Group and Chief Operating Officer of
Esh Group, two large construction companies for which he oversaw substantial
profitable growth. I would like to welcome John to the Group.
Our workforce
As always, our loyal, dedicated, and skilled workforce is a key part of our
success and we make every effort both to retain and protect them through
continued training and health and safety compliance, supported by our health
and safety advisory business, Northern Bear Safety Limited.
Conclusion
I am delighted with the Group's results for the year, which reflects one of
the strongest full year adjusted operating profits reported in our history.
Once again, I would like to thank all of our employees for their hard work and
commitment, and our shareholders for their continued support.
Jeff Baryshnik
Non-Executive Chairman
17 July 2023
Consolidated statement of comprehensive income
for the year ended 31 March 2023
2023 2022
£000 £000
Revenue 69,724 61,098
Cost of sales (55,785) (48,642)
Gross profit 13,939 12,456
Other operating income 35 99
Administrative expenses (11,815) (10,005)
Operating profit (before amortisation and other adjustments) 2,159 2,550
One-off costs - (648)
Impairment charge - (2,612)
Amortisation of intangible assets arising on acquisitions (13) (13)
Operating profit/(loss) 2,146 (723)
Finance costs (210) (156)
Profit/(loss) before income tax 1,936 (879)
Income tax expense (344) (449)
Profit/(loss) for the year 1,592 (1,328)
Total comprehensive income attributable to equity holders of the parent 1,592 (1,328)
Earnings per share from continuing operations
Basic earnings/(loss) per share 8.5p (7.1)p
Diluted earnings/(loss) per share 8.5p (7.1)p
Consolidated balance sheet
at 31 March 2023
2023 2022
£000 £000
Assets
Property, plant and equipment 4,990 4,413
Right of use asset 1,553 1,702
Intangible assets 15,406 15,419
Trade and other receivables 799 708
Total non-current assets 22,748 22,242
Inventories 1,444 1,404
Trade and other receivables 12,771 12,152
Cash and cash 3,150 3,233
equivalents
Total current assets 17,365 16,789
Total assets 40,113 39,031
Equity
Share capital 190 190
Capital redemption reserve 6 6
Share premium 5,169 5,169
Merger reserve 9,703 9,703
Retained earnings 7,499 5,907
Total equity attributable to equity holders of the Company 22,567 20,975
Liabilities
Loans and borrowings - 1,000
Trade and other payables 114 58
Lease liabilities 1,504 1,606
Deferred tax liabilities 1,059 879
Total non-current liabilities 2,677 3,543
Loans and borrowings 35 38
Trade and other payables 13,947 13,210
Provisions - 600
Lease liabilities 700 609
Current tax payable 187 56
Total current liabilities 14,869 14,513
Total liabilities 17,546 18,056
Total equity and liabilities 40,113 39,031
Consolidated statement of changes in equity
for the year ended 31 March 2023
Share Capital Share Merger Retained Total
capital
premium
reserve
earnings
equity
redemption reserve
£000 £000 £000 £000 £000 £000
At 1 April 2021 190 6 5,169 9,703 7,218 22,286
Total comprehensive income for the year
Loss for the year - - - - (1,328) (1,328)
Transactions with owners, recorded directly in equity
Exercise of share options - - - 17 17
At 31 March 2022 190 6 5,169 9,703 5,907 20,975
At 1 April 2022 190 6 5,169 9,703 5,907 20,975
Total comprehensive income for the year
Profit for the year - - - - 1,592 1,592
At 31 March 2023 190 6 5,169 9,703 7,499 22,567
Consolidated statement of cash flows
for the year ended 31 March 2023
2023 2022
£000 £000
Cash flows from operating activities
Operating profit/(loss) for the year 2,146 (723)
Adjustments for:
Depreciation of property, plant and equipment 787 671
Depreciation of lease asset 417 374
Amortisation 13 13
Impairment charge - 2,612
(Profit)/loss on sale of property, plant and equipment (31) (29)
3,332 2,918
Change in inventories (40) (430)
Change in trade and other receivables (710) (2,145)
Change in trade and other payables 193 1,810
Cash generated from operations 2,775 2,153
Interest paid (155) (101)
Tax paid (33) (57)
Net cash flow from operating activities 2,587 1,995
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 520 588
Acquisition of property, plant and equipment (1,466) (1,747)
Acquisition of subsidiary (net of cash acquired) - (50)
Net cash from investing activities (946) (1,209)
Cash flows from financing activities
Issue of borrowings - 1,010
Repayment of borrowings (1,003) -
Repayment of lease liabilities (721) (694)
Proceeds from the exercise of share options - 17
Net cash from financing activities (1,724) 333
Net increase/(decrease) in cash and cash equivalents (83) 1,119
Cash and cash equivalents at start of year 3,233 2,114
Cash and cash equivalents at end of year 3,150 3,233
Notes
1 Basis of preparation
This announcement has been prepared in accordance with the Company's
accounting policies, which in turn are prepared in accordance with the
requirements of the Companies Act 2006 and UK-adopted international accounting
standards.
The accounting policies are the same as those applied in preparation of the
financial statements for the year ended 31 March 2022, apart from the
following standards, amendments and interpretations, which became effective
for the first time, and which were adopted by the Group for the financial year
ended 31 March 2023:
· Reference to the Conceptual Framework (Amendments to IFRS 3
Business Combinations) - effective date on or after 1 January 2022;
· Property, Plant and Equipment: Proceeds before Intended Use
(Amendments to IAS 16) - effective date on or after 1 January 2022;
· Onerous Contracts - Cost of Fulfilling a Contract (Amendments to
IAS 37 Provisions, Contingent Liabilities and Contingent Assets) - effective
date on or after 1 January 2022; and
· Annual improvements 2018-2020 cycle - effective date on or after
1 January 2022.
Their adoption has not had any material impact on the disclosures or amounts
reported in the financial statements.
For the purposes of their assessment of the appropriateness of the preparation
of the Group's accounts on a going concern basis, the directors have
considered the current cash position and forecasts of future trading including
working capital and investment requirements.
During the year the Group met its day to day working capital requirements
through an existing £1 million bank overdraft and a £3.5 million revolving
credit facility. At 31 March 2023 the Group had net cash of £3.2 million
based on £3.2 million cash and £nil drawn on the revolving credit
facility. The overdraft facility was last renewed on 3 May 2023 for the
period to 31 May 2024. The Group's revolving credit facility was most
recently renewed on 28 April 2023 and is committed to 31 May 2026. The
Directors have a reasonable expectation of successful renewal for both the
overdraft and revolving credit facilities based on a long standing and strong
working relationship with the bank.
The Group's forecasts and projections, taking account of reasonable possible
changes in trading performance, show that the Group and the Company should
have sufficient cash resources to meet its requirements for at least the next
12 months. Accordingly, the adoption of the going concern basis in preparing
the financial statements remains appropriate.
2 Status of financial information
The financial information set out above does not constitute the Company's
financial statements for the years ended 31 March 2023 or 31 March 2022.
The financial statements for 2023 will be finalised on the basis of the
financial information presented by the Directors in this preliminary
announcement and will be delivered to the Registrar of Companies following the
Company's Annual General Meeting. The results are unaudited; however, we do
not expect there to be any difference between the numbers presented and those
within the annual report.
The financial information for the year ended 31 March 2022 is derived from the
financial statements for that year, which have been delivered to the Registrar
of Companies. The auditor has reported on the 2022 financial statements;
their report was i) unqualified, ii) did not include references to any matters
to which the auditors drew attention by way of emphasis, without qualifying
their report, and iii) did not contain a statement under section 498(2) or (3)
of the Companies Act 2006.
3 Alternative performance measures
The Group uses Adjusted Operating Profit, Adjusted EBITDA, and Adjusted EPS as
supplemental measures of the Group's profitability, in addition to measures
defined under IFRS. The directors consider these useful due to the exclusion
of specific items that could impact a comparison of the Group's underlying
profitability, and is aware that shareholders use these measures to assist in
evaluating performance.
The adjusting items for the alternative measures of profit are either
recurring but non-cash charges (amortisation of acquired intangible assets),
one-off non-cash items (goodwill impairment charges), or significant one-off
items (loss-making contracts in Arcas in FY23, provision for settlement of
legal claim and associated costs in 2022, both of which are discussed further
in the Chairman's Statement). The loss-making contracts in Arcas are
included in revenue and cost of sales in the income statement and the net
impact is presented in the table below.
Adjusted operating profit is calculated as below:
2023 2022
£'000 £'000
Operating profit/(loss) (as reported) 2,146 (723)
Loss-making contracts in Arcas Building Solutions 733 -
Provision for settlement of legal claim - 648
Impairment charge - 2,612
Amortisation of intangible assets arising on acquisitions 13 13
Adjusted operating profit 2,892 2,550
Adjusted EBITDA is calculated as below:
2023 2022
£'000 £'000
Adjusted operating profit (as above) 2,892 2,550
Depreciation of property, plant and equipment 787 671
Depreciation of lease asset 417 374
Adjusted EBITDA 4,096 3,595
Adjusted basic and diluted earnings per share is presented in note 4 below.
4 Earnings per share
Basic earnings per share is the profit or loss for the year divided by the
weighted average number of ordinary shares outstanding, excluding those in
treasury, calculated as follows:
2023 2022
Profit/(loss) for the year (£000) 1,592 (1,328)
Weighted average number of ordinary shares excluding shares held in treasury
for the proportion of the year held in treasury ('000)
18,725 18,674
Basic earnings/(loss) per share 8.5p (7.1)p
The calculation of diluted earnings per share is the profit or loss for the
year divided by the weighted average number of ordinary shares outstanding,
after adjustment for the effects of all potential dilutive ordinary shares,
excluding those in treasury, calculated as follows:
2023 2022
Profit/(loss) for the year (£000) 1,592 (1,328)
Weighted average number of ordinary shares excluding shares held in treasury
for the proportion of the year held in treasury ('000)
18,725 18,674
Effect of potential dilutive ordinary shares ('000) 13 42
Diluted weighted average number of ordinary shares excluding shares held in
treasury for the proportion of the year held in treasury ('000)
18,738 18,716
Diluted loss per share 8.5p (7.1)p
The following additional earnings per share figures are presented as the
directors believe they provide a better understanding of the trading
performance of the Group.
Adjusted basic and diluted earnings per share is the profit or loss for the
year, adjusted for the impact of Arcas contract losses and amortisation in the
current year, and amortisation, impairment charges and one-off costs in the
prior year, divided by the weighted average number of ordinary shares
outstanding as presented above. More detail on these adjustments is included
in the Chairman's Statement.
Adjusted earnings per share is calculated as follows:
2023 2022
Profit/(loss) for the year (£000) 1,592 (1,328)
Impairment charge - 2,612
Loss-making contracts in Arcas Building Solutions 733 -
Provision for settlement of legal claim - 648
Amortisation of intangible assets arising on acquisitions 13 13
Corporation tax effect of above items (139) (123)
Adjusted profit for the year (£000) 2,199 1,822
Weighted average number of ordinary shares excluding shares held in treasury
for the proportion of the year held in treasury ('000)
18,725 18,674
Adjusted basic earnings per share 11.7p 9.8p
Adjusted diluted earnings per share 11.7p 9.7p
5 Other operating income
2023 2022
£'000 £'000
Coronavirus Job Retention Scheme receipts - 63
Grants received - 12
Rental income 35 24
35 99
6 Finance costs
2023 2022
£'000 £'000
On bank loans and overdrafts 128 101
Finance charges on lease liabilities 82 55
210 156
7 Loans and borrowings
2023 2022
£'000 £'000
Non-current liabilities
Secured bank loans - 1,000
- 1,000
Current liabilities
Other loans 35 38
35 38
The Group retains a £3.5 million revolving credit facility and a £1.0
million overdraft facility, both with Virgin Money plc, for working capital
purposes.
As at 31 March 2023, a total of £nil (2022: £1.0 million) was drawn down on
the revolving credit facility, providing a net cash figure at 31 March 2023 of
£3.2 million (2022: £2.2 million) after offsetting cash and cash equivalents
of £3.2 million (2022: £3.2 million).
The revolving credit facility was renewed on 28 April 2023 and is committed
until 31 May 2026. The overdraft facility was last renewed on 3 May 2023 and
is next due for routine review and renewal on 31 May 2024.
8 Availability of financial statements
The Group's Annual Report and Financial Statements for the year ended 31 March
2023 are expected to be approved by 24 July 2023 and will be posted to
shareholders during the week commencing 24 July 2023. Further copies will be
available to download on the Company's website at:
http://www.northernbearplc.com (http://www.northernbearplc.com/) . It is
intended that the Annual General Meeting will take place at the Company's
registered office, A1 Grainger, Prestwick Park, Prestwick, Newcastle upon
Tyne, NE20 9SJ, at 2:00pm on 12 September 2023.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END FR DGGDRCUBDGXLRecent news on Northern Bear
See all newsREG - Northern Bear Plc - Trading Update
AnnouncementREG - Northern Bear Plc - Board Change
AnnouncementRCS - Northern Bear Plc - Presentation on Company Website
AnnouncementREG - Northern Bear Plc - Interim Results
AnnouncementREG - Northern Bear Plc - Grant of Options
Announcement