News blog

Southern Bear

  • BY: Andrew Hore |
  • POSTED: 21/12/2008 |

Engineering and support services provider Southern Bear reported a large increase in pre-tax profits in the six months to September 2008.

Revenues rose from £3.1m to £7.23m while profits jumped from £64,000 to £959,000.

Newcastle-based central heating installer Fenhams made a one month contribution. 

The businesses involved in the refurbishment of social housing continue to trade strongly.

Commercial and industrial pipework installer is finding trading tough although it has signed a new five year contract in the building services sector.

GlaxoSmithKline is closing its Dartford factory by 2013 so this will hit Tarvail. In the Dartford Times Tarvail Chief Executive Chris Dalton was quoted as saying: “Throughout these difficult times for GSK and local contractors, Tarvail will give its full support to GSK right through the transition, until they stop manufacturing in 2012, with an aim in mind to diversify into other emerging markets, with new clients“.

Southern Bear continues to seek additional acquisition opportunities.

Net debt was £3.87m at the end of September 2008 and there is also £2m of potential deferred consideration included in the balance sheet. Southern Bear has raised £200,000 at 2p a share.

At 1.625p a share, Southern Bear is valued at £9.92m.

Hoodless Brennan has reduced its forecast profits from £3.5m to £2.5m. That means the shares are trading on less than five times forecast earnings. 

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