Northern Bear says it is shifting its focus from the new build to the building services market.
The building services businesses operator reported a profit of £2.25m on turnover of £32.2m in the year to March 2008. A final dividend of 2p a share has been declared taking the total for the year to 3p a share.
Northern Bear was set up to acquire businesses in the building sector. It joined Aim on 19 December 2006 when it raised £2.42m gross - £1.52m after expenses – at 88p a share. At the time of the float Northern Bear acquired four trading businesses which form the base of the business.
They were included for just over three months in previous year and that is why the turnover was £4.75m in the year to March 2007.
The company now has 12 businesses although two of those were acquired after March. Net debt was £6.5m in March but that has risen to £9.8m since them.
The core customer base is government and publicly funded organisations. That includes social housing and the refurbishment of public buildings.
The shares jumped 13p to 111.5p after the release of the results. That values the company at £20.9m.
House broker St Helen’s Capital forecasts an improvement in profits to £4.4m in 2008-09, while earnings per share are expected to improve to 18.1p. That puts the shares on just over six times prospective earnings.
© 2021 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.