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Northern Bear posts first-half loss as pandemic bites
StockMarketWire.com
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Construction company Northern Bear swung to a first-half loss after the Covid-19 crisis disrupted projects, particularly in the first quarter.
Pre-tax losses for the six months through September amounted to £2.4 million, compared to a profit of £1.2 million year-on-year.
Revenue slumped 28% to £20.1 million and adjusted operating profit dropped to £0.5 million, down from £1.4 million.
Northern Bear said more normal levels of operating activity in the second quarter had continued to date.
'I am delighted that we were able to minimise trading losses during the first quarter and, as a result, we can report a pleasing level of trading profitability for the first half as a whole,' chief executive Steve Roberts said.
'This is testament to the efforts of our loyal workforce, many of whom took voluntary pay reductions during the first quarter when the majority of our businesses generated very little revenue as a result of large scale site closures due to the Covid-19 pandemic.'
At 8:54am: (LON:NTBR) Northern Bear PLC share price was 0p at 49.5p
Story provided by StockMarketWire.com
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