REG - Northern Bear Plc - Preliminary Results
18/07/2024 07:00
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RNS Number : 8438W Northern Bear Plc 18 July 2024
18 July 2024
Northern Bear PLC
("Northern Bear" or the "Company")
Preliminary results for the year ended 31 March 2024
The board of directors of Northern Bear (the "Board") is pleased to announce
its unaudited preliminary results for the year ended 31 March 2024 ("FY24")
for the Company and its subsidiaries (together, the "Group").
Financial summary
· Revenue of £68.7m (2023: £69.7m)
· Gross profit of £15.9m (2023: £13.9m), with a gross margin of
23.1% (2023: 20.0%)
· Adjusted EBITDA* of £4.1m (2023: £4.1m)
· Adjusted operating profit* of £2.6m (2023: £2.9m)
· Operating profit of £2.4m (2023: £2.1m)
· Basic earnings per share of 9.5p (2023: 8.5p)
· Return of capital of £3.1 million by way of tender offer for 5
million of the Company's ordinary shares at a price of 62 pence per ordinary
share, completed in December 2023.
· Equity dividends paid during the year of £0.8 million (2023:
£nil)
· Net bank debt position at 31 March 2024 of £2.2m (31 March 2023:
net cash of £3.2m)
* stated prior to the impact of amortisation, one-off costs, and the impact of
one-off contract losses in Arcas Building Solutions.
Operational summary
· The Group generated continued strong operating results during
FY24 which are testament to the hard work and commitment of the Group's
employee base.
· Site activity levels remained high despite the ongoing
macro-economic challenges and their related impact on the construction
industry.
· Trading during the first half of FY24 was strong, although
significantly higher rainfall than normal for the majority of FY24
(particularly during the second half) impacted results.
· In addition to the substantial return of capital to shareholders
during FY24 via both dividends and a tender offer, a final dividend of 2 pence
per ordinary share is proposed.
Board appointments
· John Davies was appointed to the Board on 18 January 2024 and
became the Group's Chief Executive Officer with effect from 1 April 2024,
after working closely with Keith Soulsby (who retired on 31 March 2024) for a
12-month period. John has had an illustrious career in the construction
industry and held senior positions as Managing Director of Meldrum Group and
Chief Operating Officer of Esh Group, at which he oversaw substantial
profitable growth.
· Simon Carr CBE was appointed as Group Non-Executive Chairman with
effect from 17 July 2024. Simon is a highly experienced executive having
worked for over 45 years in the Construction industry, via senior management
roles in both private and public companies.
· Steve Roberts was reappointed to the Board on 18 January 2024 as
an Executive Director. Steve had previously served as the Group's
Executive Chairman and, prior to that, Finance Director. Steve will provide
important continuity to the Board following Keith Soulsby's departure.
· Martin Boden became a Non-Executive Director with effect from 13
September 2023. Martin is a Chartered Accountant with considerable
experience in public markets, ranging from AIM to FTSE 250 listed businesses,
and in high-growth privately owned businesses.
Outlook
· The first quarter of the current financial year, ending 31 March
2025 ("FY25"), has started positively and results have been in line with
management expectations.
· As always, the timing of Group turnover and profitability is
difficult to predict, despite the continued strong forward order book, and our
results are subject to monthly variability.
· The reduction in the total issued ordinary share capital, as a
result of the tender offer in December 2023 is expected to further benefit
earnings per share in FY25.
· Investment in new organic growth ventures, primarily reported in
overhead costs, is currently expected to increase operating expenses by up to
£0.3 million in FY25.
John Davies, Chief Executive Officer of Northern Bear, commented:
"I am delighted to have taken on the role of Group Chief Executive Officer,
having worked closely with Keith Soulsby over the year prior to his
retirement. Northern Bear has a strong group of businesses with excellent
reputations in their respective markets, and I look forward to working with
the Board and all our employees and stakeholders in continuing to develop the
group and deliver value for shareholders."
For further information contact:
Northern Bear PLC
John Davies - Chief Executive Officer +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
Chief Executive Officer's Report
Introduction
I am delighted to report the results for the year to 31 March 2024 ("FY24")
for Northern Bear and its subsidiaries (together, the "Group"), being the
first results since I took on the role of Chief Executive Officer ("CEO").
This has been a transitional year for the Group, in terms of both the Board
and shareholder base, during which trading performance has remained strong
despite some exceptionally wet weather over the second half of FY24.
Trading
Revenue in the year was £68.7 million (2023: £69.7 million) and gross profit
increased to £15.9 million (2023: £13.9 million) at a gross margin of 23.1%
(2023: 20.0%). The improved gross margin resulted from growth achieved in
higher-margin areas of the business, as well as continued careful contract
selection and execution.
This was offset by an increase in administrative expenses to £13.5 million
(2023: £11.8 million), through a combination of investment in people and
training to support growth, increased depreciation charges on property, plant
and equipment and right-of-use assets and general inflationary increases.
We also incurred one-off costs during FY24 of £0.2 million in relation to
both the tender offer to shareholders and a small amount of contract losses.
In the prior year we incurred more significant losses of £0.7 million on a
small number of contracts in our Arcas subsidiary. Both items are included
in the calculation of alternative performance measures in note 3 below.
After taking account of these costs, the Group reported operating profit of
£2.4 million (2023: £2.1 million). Basic earnings per share was 9.5 pence
(2023: 8.5 pence).
Northern Bear Roofing
Our roofing businesses have performed in line with management expectations
despite increased and sustained rainfall throughout much of FY24 (particularly
in the second half), with rainfall in the North-East at 153% of the long term
average per Environment Agency statistics, and a total of nine named storms.
Our well-established senior managers and directors have, as expected, been
able to work as efficiently as possible and sustain productivity on sites
across our regions to mitigate these headwinds.
We are also investing in decarbonisation solutions within this sector,
including photovoltaic roof solutions. It is expected that this will, as a
minimum, maintain and, potentially, improve our market position with new-build
housing customers.
Northern Bear Specialist Building Services
Our building services division has seen a year of investment in people and
stability, despite a difficult market, with upskilling in the management teams
and workforce being the focus for FY24. This investment should enable the
businesses to increase market share going forward.
We have seen good growth in our passive fire stopping delivery throughout the
year and are keen to invest in this sector in the current financial year
ending 31 March 2025 ("FY25"). We continue to see a balance in private and
public sector projects that provide a sustainable workload in this sector
particularly in the North-East region.
Northern Bear Materials Handling
Our materials handling business had a successful FY24. We continued to
invest in the hire fleet by way of capital expenditure, which is expected to
support future results, and the business continues to generate new
opportunities under existing strong leadership. We are currently evaluating
future funding options for this business to support its growth, whilst
retaining sufficient cash for other strategic purposes.
Cash Flow and Bank Facilities
Cash generated from operations in FY24 was £1.1 million (2023: £2.8
million). In prior years, we have typically seen major cash inflows towards
the end of March, but, due to the timing of Easter, these were partly delayed
until the first half of April 2024 and impacted the year-end cash position.
We funded the purchase of ordinary shares by way of tender offer and
associated costs with a new £3.5 million amortising term loan with Virgin
Money plc, drawn down in October 2023. We also retained our £1.0 million
overdraft facility and a £1.0 million revolving credit facility.
Our net bank debt position at 31 March 2024 was £2.2 million (31 March 2023:
£3.2 million net cash), based on £1.0 million cash and cash equivalents
(2023: £3.2 million) and £3.2 million bank debt (2023: £nil).
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 FY24 was £4.1 million net bank debt, the highest
was £3.3 million net cash, and the average was £1.4 million net bank debt.
These averages were impacted by the £3.5 million term loan drawn in October
2023.
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.
Strategy & Dividend
We have made significant returns of capital to shareholders during FY24, being
£3.1 million by way of tender offer (plus associated costs) and a further
£0.8 million in dividends. The tender offer was funded via a new £3.5
million amortising term loan and, as a result, the Group is now leveraged,
albeit at a level we are comfortable with based on prior and current trading
levels.
Our priority is to now invest, with a view to future growth and creation of
shareholder value, through a combination of organic growth, strengthening our
teams (including via new business ventures), and, in due course and where
accretive, acquisitions. We are already considering new ventures for this
year and investing in our people and facilities in order to drive organic
growth within our building services businesses.
We also recognise the importance of a regular dividend to the Company's
shareholders.
As a result, the Directors propose the payment of a final dividend of 2 pence
per ordinary share. This would be payable on 25 September 2024, to
shareholders on the register on 30 August 2024. This is subject to
shareholder approval at the Annual General Meeting, to be held on 19 September
2024.
Our intention is to continue with a progressive dividend policy, subject to
the Group's relative performance and after taking into account the Group's
available cash, working capital requirements, corporate opportunities, debt
obligations and the macro-economic environment at the relevant time.
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.
We have made a satisfactory start to the FY25 and results to date have been in
line with management expectations. That said, the new ventures referred to
above will have a short-term impact on profitability due to investment in
overheads (primarily people costs) expected to be c.£0.3 million in FY25.
We are targeting that these ventures will be trading profitably and generating
cash by the following financial year, ending 31 March 2026. In the event
that they do not progress as planned, we have not made any long-term cost
commitments.
People
I am delighted to have taken on the role of Chief Executive Officer with
effect from 1 April 2024, and there have been a number of other Board changes
in the past 12 months.
Keith Soulsby
I would like to congratulate Keith Soulsby on his retirement on 31 March
2024. Keith enjoyed a long and successful career in the construction
industry, having founded Wensley Roofing Limited and built it into an
established, well-regarded roofing contractor in the North East of England.
Wensley Roofing was one of the four companies that were amalgamated to form
the initial Northern Bear group upon admission to AIM in 2006.
Keith has been a Board member of the Company for the majority of the
subsequent period. He has made a huge contribution to the Group's success
and has been a trusted and valued colleague to everyone at Northern Bear.
Keith oversaw the Group's commercial and operational activities from March
2020 and has helped to steer the Group through some major challenges since
then, including the COVID-19 pandemic and related labour and supply chain
issues.
Keith retires with the best wishes from all of his colleagues, and we wish him
and his family every success and happiness in his retirement.
Simon Carr
I would like to welcome Simon Carr to the Board as our Non-Executive
Chairman.
Simon is a highly experienced executive, with over 45 years' experience in the
Construction industry and having sat on the boards of both private and public
companies. He was also notably recognised in the Queen's Birthday honours
list, receiving a CBE for services to the construction industry and charity.
Simon sits on the board of trustees at Beverly Minister Old Fund and is the
chair of the board of Road Link (A69) Limited and Road Link (A69) Holdings
Limited (both companies that Henry Boot Plc hold a majority shareholding in).
He is also the Independent Company Secretary and past national chair of the
National Federation of Builders.
Simon was previously the Managing Director of Henry Boot Construction Limited
and sat on the Executive Committee of Henry Boot Plc. He was also a
private-sector board member for the Sheffield City Region Local Enterprise
Partnership Board for eight years, sitting on a number of associated public
and private sector boards. Simon sat on the CBI Construction Council for six
years and is a past president of the Yorkshire Builders Federation.
I and my colleagues look forward to working with Simon and benefiting from his
extensive experience. I would also like to thank Harry Samuel, who has
served as interim Chairman in recent months and remains a Non-Executive
Director of the Company.
Steve Roberts and Martin Boden
We also welcomed Steve Roberts back to the Board as an Executive Director in
January 2024. When he previously stood down as Executive Chairman in August
2021, Steve remained part of the Group's operational management team and a
director of all of the Group's subsidiary companies. Steve has also been
involved with the Group since inception and has previously served as both
Group Finance Director and Executive Chairman. Given his vast experience of
the Group's businesses, employees and stakeholders, Steve provides valuable
continuity following Keith Soulsby's departure.
Martin Boden joined us as an independent Non-Executive Director in September
2023. Martin is a Chartered Accountant with considerable experience in
public markets, ranging from AIM to FTSE 250 listed businesses, and in
high-growth privately owned businesses.
Jeff Baryshnik and Anil Khera
Jeff Baryshnik resigned as a director of the Company and Non-Executive
Chairman on 15 November 2023, following the conclusion of the general meeting
approving the tender offer described above.
Anil Khera resigned as a Non-Executive Director of the Company on 17 July 2024
on confirmation of Simon Carr's appointment, in order to ensure an appropriate
balance of Executive and Non-Executive Directors.
We would like to thank Jeff and Anil for their service as directors and they
have our best wishes for the future.
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 and look forward to
working with Simon and the Board in my role as Chief Executive Officer.
Once again, I would like to thank all our employees for their hard work and
commitment, and our shareholders for their continued support.
John Davies
Chief Executive Officer
18 July 2024
Consolidated statement of comprehensive income
for the year ended 31 March 2024
2024 2023
£000 £000
Revenue 68,681 69,724
Cost of sales (52,811) (55,785)
Gross profit 15,870 13,939
Other operating income 33 35
Administrative expenses (13,471) (11,828)
Operating profit 2,432 2,146
Finance costs (294) (210)
Profit before income tax 2,138 1,936
Income tax expense (514) (344)
Profit for the year 1,624 1,592
Total comprehensive income attributable to equity holders of the parent 1,624
1,592
Earnings per share from continuing operations
Basic earnings per share 9.5p 8.5p
Diluted earnings per share 9.5p 8.5p
Consolidated balance sheet
at 31 March 2024
2024 2023
£000 £000
Assets
Property, plant and equipment 5,542 4,990
Right of use asset 1,371 1,553
Intangible assets 15,394 15,406
Trade and other receivables 899 799
Total non-current assets 23,206 22,748
Inventories 1,496 1,444
Trade and other receivables 13,667 12,771
Cash and cash 978 3,150
equivalents
Total current assets 16,141 17,365
Total assets 39,347 40,113
Equity
Share capital 190 190
Capital redemption reserve 6 6
Share premium 5,169 5,169
Merger reserve 9,703 9,703
Retained earnings 5,194 7,499
Total equity attributable to equity holders of the Company 20,262 22,567
Liabilities
Loans and borrowings 2,450 -
Trade and other payables 28 114
Lease liabilities 1,239 1,504
Deferred tax liabilities 1,229 1,059
Total non-current liabilities 4,946 2,677
Loans and borrowings 764 35
Trade and other payables 12,305 13,947
Lease liabilities 724 700
Current tax payable 346 187
Total current liabilities 14,139 14,869
Total liabilities 19,085 17,546
Total equity and liabilities 39,347 40,113
Consolidated statement of changes in equity
for the year ended 31 March 2024
Share Capital Share Merger Retained Total
capital
premium
reserve
earnings
equity
redemption reserve
£000 £000 £000 £000 £000 £000
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
At 1 April 2023 190 6 5,169 9,703 7,499 22,567
Total comprehensive income for the year
Profit for the year - - - - 1,624 1,624
Transactions with owners, recorded directly in equity
Exercise of share options - - - - 7 7
Return of capital to shareholders by way of tender offer - - - - (3,100) (3,100)
Equity dividends paid - - - - (836) (836)
At 31 March 2024 190 6 5,169 9,703 5,194 20,262
Consolidated statement of cash flows
for the year ended 31 March 2024
2024 2023
£000 £000
Cash flows from operating activities
Operating profit for the year 2,432 2,146
Adjustments for:
Depreciation of property, plant and equipment 896 787
Depreciation of lease asset 512 417
Amortisation 12 13
(Profit)/loss on sale of property, plant and equipment (20) (31)
3,832 3,332
Change in inventories (52) (40)
Change in trade and other receivables (996) (710)
Change in trade and other payables (1,727) 193
Cash generated from operations 1,057 2,775
Interest paid (189) (155)
Tax paid (185) (33)
Net cash flow from operating activities 683 2,587
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 816 520
Acquisition of property, plant and equipment (2,000) (1,466)
Net cash from investing activities (1,184) (946)
Cash flows from financing activities
Issue of borrowings 3,500 -
Repayment of borrowings (321) (1,003)
Repayment of lease liabilities (921) (721)
Proceeds from the exercise of share options 7 -
Return of capital to shareholders by way of tender offer (3,100) -
Equity dividends paid (836) -
Net cash from financing activities (1,671) (1,724)
Net decrease in cash and cash equivalents (2,172) (83)
Cash and cash equivalents at start of year 3,150 3,233
Cash and cash equivalents at end of year 978 3,150
Notes
1 Basis of preparation
This announcement has been prepared in accordance with the Company's
accounting policies which are based on International Financial Reporting
Standards (IFRS Accounting Standards), though it is noted that this
announcement does not contain sufficient information itself to comply with
IFRS Accounting Standards.
The accounting policies are the same as those applied in preparation of the
financial statements for the year ended 31 March 2023, 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 2024:
· IFRS 17 - Insurance Contracts - effective date on or after 1
January 2023
· Amendments to IFRS 17 - Insurance Contracts; and Extension of the
Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4 Insurance
Contracts) - effective date on or after 1 January 2023
· Disclosure of Accounting Policies (Amendments to IAS 1
Presentation of Financial Statements and IFRS Practice Statement 2 Making
Materiality Judgements) - effective date on or after 1 January 2023
· Definition of Accounting Estimates (Amendments to IAS 8
Accounting Policies, Changes in Accounting Estimates and Errors) - effective
date on or after 1 January 2023
· Deferred Tax related to Assets and Liabilities arising from a
Single Transaction (Amendments to IAS 12 Income Taxes) - effective date on or
after 1 January 2023
· International Tax Reform - Pillar Two Model Rules (Amendments to
IAS 12) - effective date on or after 1 January 2023
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 financial statements 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 financial year the Group met its day to day working capital
requirements through bank facilities with Virgin Money plc. These facilities
were refinanced in October 2023 and at that point comprised a £3.5 million
term loan, a £1.0 million revolving credit facility, and a £1.0 million bank
overdraft. At 31 March 2024 the Group had cash and cash equivalents of £1.0
million, with nothing drawn on the overdraft or revolving credit facility, and
£3.2 million outstanding on the term loan.
The overdraft facility was last renewed on 26 October 2023 for the period to
31 August 2024, and the revolving credit facility was most recently renewed on
20 October 2023 and is committed to 20 October 2026. The term loan was drawn
down on 23 October 2023 and is repayable in full in equal quarterly
instalments by 30 September 2028.
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 2024 or 31 March 2023.
The financial statements for 2024 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 2023 is derived from the
financial statements for that year, which have been delivered to the Registrar
of Companies. The auditor has reported on the 2023 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 are 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, or significant one-off items (tender offer costs,
loss-making contracts in Arcas, both of which are discussed further in the
Chief Executive Officer's Report).
Adjusted operating profit is calculated as below:
2024 2023
£'000 £'000
Operating profit (as reported) 2,432 2,146
Loss-making contracts in Arcas Building Solutions and tender offer costs 200 733
Amortisation of intangible assets arising on acquisitions 12 13
Adjusted operating profit 2,644 2,892
Adjusted EBITDA is calculated as below:
2024 2023
£'000 £'000
Adjusted operating profit (as above) 2,644 2,892
Depreciation of property, plant and equipment 896 787
Depreciation of lease asset 512 417
Adjusted EBITDA 4,052 4,096
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:
2024 2023
Profit for the year (£000) 1,624 1,592
Weighted average number of ordinary shares excluding shares held in treasury
for the proportion of the year held in treasury ('000)
17,118 18,725
Basic earnings per share 9.5p 8.5p
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:
2024 2023
Profit for the year (£000) 1,624 1,592
Weighted average number of ordinary shares excluding shares held in treasury
for the proportion of the year held in treasury ('000)
17,118 18,725
Effect of potential dilutive ordinary shares ('000) 14 13
Diluted weighted average number of ordinary shares excluding shares held in
treasury for the proportion of the year held in treasury ('000)
17,132 18,738
Diluted earnings per share 9.5p 8.5p
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 costs of the tender offer to shareholders,
Arcas contract losses, and amortisation, divided by the weighted average
number of ordinary shares outstanding as presented above. More detail on
these adjustments is included in the Chief Executive Officer's Report.
Adjusted earnings per share is calculated as follows:
2024 2023
Profit for the year (£000) 1,624 1,592
Loss-making contracts in Arcas Building Solutions and tender offer costs 200 733
Amortisation of intangible assets arising on acquisitions 12 13
Corporation tax effect of above items - (139)
Adjusted profit for the year (£000) 1,836 2,199
Weighted average number of ordinary shares excluding shares held in treasury
for the proportion of the year held in treasury ('000)
17,118 18,725
Adjusted basic earnings per share 10.7p 11.7p
Adjusted diluted earnings per share 10.7p 11.7p
5 Finance costs
2024 2023
£'000 £'000
On bank loans and overdrafts 201 128
Finance charges on lease liabilities 93 82
294 210
6 Loans and borrowings
2024 2023
£'000 £'000
Non-current liabilities
Secured bank loans 2,450 -
2,450 -
Current liabilities
Secured bank loans 700 -
Other loans 64 35
764 35
The Group retains a £1.0 million (2023: £3.5 million) revolving credit
facility and a £1.0 million (2023: £1.0 million) overdraft facility, both
with Virgin Money plc, for working capital purposes. During the financial
year, a £3.5 million term loan was drawn down with Virgin Money plc and the
revolving credit facility was reduced at the same time.
As at 31 March 2024, a total of £nil (2023: £nil) was drawn down on the
revolving credit and overdraft facilities, and £3.2 million was outstanding
on the term loan facility. This provides a net debt figure at 31 March 2024
of £2.2 million (2023: £3.2 million net cash) after offsetting cash and cash
equivalents of £1.0 million (2023: £3.2 million).
The overdraft facility was last renewed on 26 October 2023 for the period to
31 August 2024, and the revolving credit facility was most recently renewed on
20 October 2023 and is committed to 20 October 2026. The term loan was drawn
down on 23 October 2023 and is repayable in full in equal quarterly
instalments by 30 September 2028.
7 Availability of financial statements
The Group's Annual Report and Financial Statements for the year ended 31 March
2024 are expected to be approved by 22 July 2024 and will be posted to
shareholders during the week commencing 22 July 2024. 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 19 September 2024.
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. END FR DGGDRSXBDGSRRecent news on Northern Bear
See all newsREG - Northern Bear Plc - Result of AGM
AnnouncementREG - Northern Bear Plc - Trading Update
AnnouncementREG - Northern Bear Plc - Director Dealing
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AnnouncementREG - Northern Bear Plc - Board Changes
Announcement