Northern Bear holds strong despite market headwinds


Building services company Northern Bear reported an improved cash position and increased revenue in its latest results, despite challenging trading conditions. 

Credit: Northern Bear.

The Newcastle upon Tyne-headquartered company said it had not experienced any slowdown in business in the year to 31 March 2023 – and that its order book looked strong for the months ahead. 

Group revenue was reported at £69.7 million, compared to £61.1 million in the previous financial year, with a gross margin of 20% compared to 20.4% in 2022. 

However, administrative expenses had increased from £10 million in FY2022 to £11.8 million this year due to inflation, and motor and fuel, insurance, and payroll costs.  

Additional commercial and operational staff were also recruited to MGM Limited and Isoler Limited. 

Group operating profit for the year was reported at £2.1 million, compared to a £0.7 million loss in FY2022. 

Northern Bear’s net cash position was £3.2 million, compared to £2.2 million in the previous year. 

Cash generated from operations was reported at £2.8 million (FY2022: £2.2 million). 

And adjusted EBITDA was £4.1 million compared to £3.6 million in FY2022.  


“Our forward order book remains strong and should support our trading performance in the coming months,” said the Group.  

Jeff Baryshnik, non-executive chairman, said: “Our companies have strong and well-established supplier relationships and have been able, on the whole, to work with our robust supply chain to ensure continuity of supply for customer contracts.”  

Adding: “Additionally, we have not experienced any slowdown in business to date despite widely publicised concerns about rising interest rates and their potential effects on the housing market generally and, more specifically, our specialist property services.”  

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