Profits rise 22.2% in six months at Northern Bear construction specialists

The Newcastle firm is involved in a raft of high profile projects, including The Tyneside Cinema redevelopment

Katherine Kersey managing director for Tyneside cinema bar, Nick Forbes council leader, Neil Jukes director of Northern Bear and Rowena Burbeck architectural technologist for xsite
Katherine Kersey managing director for Tyneside cinema bar, Nick Forbes council leader, Neil Jukes director of Northern Bear and Rowena Burbeck architectural technologist for xsite

Profits have soared by 22.2% at building services group Northern Bear after the firm secured work on a series of high profile projects.

The Newcastle-headquartered firm saw operating profit rise from £900,000 to £1.1m in the six months to September 30 2014, while revenues also increased from £17.4m to £20.1m.

Gross profit grew by £400,000 to £4.6m and earnings per share increased from 3.2p to 4.1p in the period.

Executive chairman Steve Roberts said sales grew across the majority of the group’s businesses with the most marked increases in those in the roofing sector.

He said: “We have continued to see positive movement in the new house build market and strength in the social housing sector.

“During the period, the group commenced work on a number of significant and high profile projects, including the Tyne Tunnel, roofing works on the Aloft Hotel, as part of the Royal Exchange Building redevelopment in Liverpool, and the redevelopment of Tyneside Cinema in Newcastle City centre.”

The firm said it has also begun the process of consolidating two of its trading businesses, MGM Limited and Northern Bear Building Services Limited, which operate in similar markets.

As part of the process new premises were leased in the Team Valley Trading Estate where both businesses will now operate.

Mr Roberts added: “As reported in prior years, in an industry which has seen a decreasing number of skilled tradesmen over the past few years, our strategy of employing the majority of our workforce, along with investment in training new operatives, continues to reap dividends.

“We are able to sustain a loyal and dedicated workforce with the skills required to meet the demands of the modern day construction industry.

“The quality and experience of our people and the key customer relationships that they maintain remain fundamental to the group’s success and I would again like to thank all of our employees for their contribution to the group’s strong results.”

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