Newcastle-upon-Tyne-based building services firm Northern Bear has reported higher interim revenues and profit from continuing operations.
Revenues increased from £13.4m to £17.2m in the six months to September 2011, while pre-tax profit improved from £450,000 to £685,000. This excludes the loss on discontinued operations of £106,000, up from £59,000.
Net debt has fallen from £8.81m to £8.32m in the six months to September 2011, helped by the proceeds of disposals.
Northern Bear says that it has not spent much developing its renewable business so it will not be hit too hard by the feed-in tariff changes.
Graham Forrest resigned as chief executive last month. However, trading appears to be going well and order books have improved. Lower government spending has not hampered the business and there are early signs of an upturn in housebuilding.
At 10.5p a share, Northern Bear is valued at £1.99m.
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