Shares in Northern Bear PLC (LON:NTBR) were in a bullish mood on Monday after the building services group reported a strong set of full-year results.
The AIM-listed firm reported an operating profit of £3.3mln for the year ended 31 March, up from £2.8mln in the prior year, while revenues climbed to £56.6mln from £53.6mln.
The uptick in profits had been bolstered by what the group said was “particularly strong trading” from it roofing and specialist building services divisions in the first half of the year, which had helped to offset a “more mixed” performance over the winter period.
As a result of the performance, Northern hiked its final dividend for the year to 3.25p per share from 3p in 2018 while also proposing a special dividend of 0.75p per share.
Looking ahead, the group said that it continued to hold a “high level” of committed orders, although it had “limited short term visibility” on when these would be realised, which had resulted in a slow first quarter for its current year as contracts were delayed due to factors that the company says were beyond their control.
However, the firm said that the majority of these contracts had now commenced and as a result it expected a “much stronger” second quarter.
Despite the slow start to the new year, Northern Bear said its medium and longer-term outlook remained good and that it was “hopeful of another strong set of results” for the full year.
Steve Roberts, the firm’s executive chairman, added that the group was aiming for a good year despite “ongoing challenging market conditions and political uncertainty".
In early deals on Monday, the shares were up 1.8% at 63.1p.