News blog
Northern Bear
- BY: Andrew Hore |
- POSTED: 12/11/2017 |
Building services supplier Northern Bear says that trading has been strong in the first half and pre-tax profit is ahead of expectations.
This was supplemented by a contribution from July’s acquisition of H Peel & Sons. There will be exceptional and non-recurring transaction costs. The order book is strong and the second half trading will continue with the momentum of the first half, although weather conditions could hamper progress.
Interiors and fit-out business H Peel will cost up to £2.9m in cash and shares, of which £1.4m is contingent on performance. This is the first acquisition for ten years. Management is staying with the business for at least three years. Dewsbury-based H Peel made an underlying pre-tax profit of £500,000 on revenues of £5.4min the year to August 2016. The deal should be earnings enhancing.
Northern Bear is trading at 84p a share.
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