Northern Bear ups dividend after 'great set of results'

Newcastle-based construction services firm Northern Bear on Monday upped its dividend increase after reporting growth in profits and revenue.

The AIM-traded company said full year operating profit from continuing operations rose 12% to £2.8m, while revenue jumped 17.5% to £53.6m over the same period.

Following the positive results, the company proposed an increase in its final dividend to 3.00p per share, up from 2.50p last year.

At the end of its financial year the company had a net debt position of £0.8m, compared to cash of £0.6m the previous year.

Northern Bear’s growth in sales follows its acquisition of West Yorkshire-based interiors and fit out business H Peel & Sons, snapped up in July 2017 for £2.4m.

A statement from the company said that H Peel met all of its acquisition criteria due to being well established in its sector, consistently profitable and cash generative, and having a strong management team committed to remaining with the business.

As of 0843 BST, Northern Bear’s shares were down 3.66% at 79.00p.