11 March 2019 – trading update

Since the interim report in November 2018, Northern Bear has continued to trade well.  Based on management information for the ten months to January 2019,trading has been ahead of management expectations and in line with outstanding prior year results.  The final two months of the financial year is a key trading period but operating profit (prior to the impact of non-cash amortisation and transaction costs) is currently expected to be broadly in line with the previous year.  It is surprising to see that the shares are weak and we believe that a BUY rating is well deserved.