Partner Article

Northern Bear in bullish mood

Building support services firm Northern Bear is cautiously optimistic about its future, it said today, as it emerges from a tough trading period in which it endured heavy staff cutbacks.

The Chester-le-Street company said it expected its results for the year ended 31 March 2010 to be at the higher end of market forecasts.

A statement from the AIM-listed firm said: “There had been a significant reduction in Northern Bear’s net debt position in the two months up to December 2009 together with a substantial improvement in working capital. We are delighted that these positive trends have continued throughout the second half of the financial year.

“In addition, we are seeing the early signs of increased activity amongst our businesses and look forward to the future with cautious optimism.”

In the first half of its financial year, the company saw its revenues plunge by 26% while profits fell by over 60%. The company cut its cloth accordingly and slashed 50 jobs from its 500-strong workforce while directors accepted cut-backs on their incomes.

This was posted in Bdaily's Members' News section by Ruth Mitchell .