Northern Bear bullish on robust results

In the year to 31 March, revenues reached 42 million, compared with 32m in 2008.

Pre-tax profit rose 27 per cent to 2.9m – even though the group has not made any acquisitions in the past year.

Buying "mature, cash-generative, owner-managed businesses" is still a key part of Northern Bear's strategy, according to Howard Gold, chairman of the group, which is based in the north of England.

All the group's 13 businesses – which include roofing firms and a fork-lift truck supplier – have experienced challenges in the past year, the firm said, but "strong performances" from those working in specialist sectors helped offset weakness in those businesses exposed to housing and construction.

Graham Forrest, chief executive of Northern Bear, which has a market cap of about 10m, said: "While the past 12 months have been challenging, I am delighted that we have been able to produce a very robust set of results, demonstrating the underlying strength of our business model.

"Since the year end, we have experienced an encouraging upturn in the levels of demand in some of our businesses."