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Northern Bear PLC on Friday reported a virtually flat interim profit but a strong rise in revenue on on the back of a robust supply chain and solid supplier relationships.
The Newcastle-based building services firm reported a pretax profit of £1.36 million in the six months to September 30, slightly lower than £1.41 million a year before.
Administrative expenses increased 24% to £5.6 million versus £4.5 million. Northern Bear explained this rise with with increases in payroll, motor and fuel expenses, insurance costs, and general cost inflation.
Revenue rose 13% to £34.0 million from £30.0 million.
The company attributed this to its ‘strong and well-established’ supplier relationships that enabled it to work with a robust supply chain to ensure the continuity of supply for contracts.
‘Additionally, we have not experienced any slowdown in business to date despite widely publicised concerns about rising interest rates and their potential effects on construction generally and the housing market more specifically,’ the company noted.
Looking ahead, Northern Bear said that its forward order book remains ‘strong’ and should support a good trading performance for the remainder of the year.
Shares were up 6.0% at 48.25 pence each on Friday morning in London.
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