Northern Bear unveils interim profit of £1m

Northern Bear has announced an interim pre-tax profit of £1m.

The business was formed less than a year ago. It is a grouping of smaller construction players who believed that by merging and floating on AIM (the junior portion of the Stock Exchange) they could reach a broader range of clients.

Northern Bear floated in December 2006 and the group’s latest financial figures (six months to 30 September 2007) show a turnover of £14m. The rapid rate of growth is highlighted by the comparable figures for the previous six months, when there was a £83,000 profit on turnover of less than £5m.

The latest profit figure includes contributions from Chirmarn and Hastie D Burton, both acquired during the latest six-month period.

Northern Bear has decided to declare its first dividend and shareholders will receive 1p per share.

After listing at 88p last December, a steady rise in share price allowed the 275,000 new shares that were issued at the end of May to be priced at £1.40.

In August, a further 2.4m new shares were issued, this time at £1.45 and the new money allowed Northern Bear to buy Jennings Roofing, a Yorkshire-based contractor, in a deal announced earlier this month.

Howard Gold has moved into the position of deputy chairman.

Jon Pither, chairman, said: “We expect to continue with our acquisition policy during the second half of the financial year.” Prospective targets have already been lined up.