Northern Bear PLC said on Wednesday it will pursue a dividend growth strategy supported by organic progress and acquisitions, and expects final year results to be ahead of 2022 figures.

The Newcastle, England-based building services firm said it intends to declare an ordinary dividend of 4 pence per share, as well as a special payout for the year ended March 31, 2023, of 1p per share.

Northern Bear added that the ordinary dividend will be paid twice a year.

The company also reported it has traded ahead of last year’s results, despite an anticipated provision of £500,000 to £750,000 for unprofitable contracts at its subsidiary Northern Bear Building Services Ltd.

Northern Bear noted that it expects its operating profit for the financial year before amortisation, one-off costs and other adjustments to be over £2.8 million, compared to £2.6 million the year before.

The company will release its financial 2023 results mid-July.

Non-Executive Chair Jeff Baryshnik said: ‘We are pleased to announce strong expected operating results for FY23 and are excited to implement our dividend growth strategy. We look forward to further engaging with shareholders and the wider investment community to inform them about the group.’

Shares were up 29% at 47.70 pence in London on Wednesday morning.

Copyright 2023 Alliance News Ltd. All Rights Reserved.