Northern Bear financials on track

Building services group Northern Bear has said profit and turnover for the six months to 30 September 2008 will be in line with market expectations.

The company said this reflects its diversification away from the UK new-build housing sector, which now accounts for only 11% of turnover.

It added that it remains financially sound and is operating well within its banking covenants.

Northern Bear said it will continue its acquisition strategy but will tighten buying criteria in the face of the economic downturn.

The consensus forecast in the year to 31 March 2009 is for pre-tax profit of £4.5m on turnover of £44.4m.