Profits soar at Newcastle headquartered firm Northern Bear

Building company Northern Bear plc has enjoy a strong financial year and expects to grow further

Northern Bear
Northern Bear

Specialist building services group, Northern Bear plc, more than doubled its profit before tax during the last financial year.

Preliminary results for the year ended March 31, 2014, show the figure rose from £0.7m in 2013 to £1.8m.

Net bank debt, meanwhile decreased from £6.4m to £5.4m and, while no final dividend was paid last year, this year 0.75p per share will be paid.

The group, which is headquartered in Newcastle and includes a total of 12 businesses, also said it was now well placed to capitalise on commercial opportunities

Executive chairman Steve Roberts said: “The last year has seen a marked improvement in the performance of our business, which I believe is a response to the hard work of our staff and the careful prioritisation of resources during a period of bleak economic conditions.

“The group is now well placed to take advantage of opportunities as and when they arise, both through organic growth and bolt-on acquisitions.

“With brighter macro-economic and local economic conditions, we hope to be able to announce further progress in due course.”

In total, Northern Bear employs more than 300 people.

It provides a range of services including general building work, asbestos removal, asbestos surveying, fire protection, roofing works, fork lift truck sales/hire and health and safety consultancy.

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