Northern Bear (LSE:NTBR) delivered a solid set of unaudited results for the year ended 31 March 2026, reporting double-digit revenue growth, higher profitability and a stronger cash position. The group’s robust financial performance enabled it to increase its ordinary dividend and declare a special dividend following an exceptionally strong year.
Revenue and profits move higher
Revenue climbed 10.2% to £86.1 million, while gross profit increased 14.6% to £22.0 million, lifting the gross margin to 25.5%. Operating profit improved to £5.1 million, adjusted earnings per share rose 17.6%, and Northern Bear finished the year with net cash of £6.2 million, providing significant financial flexibility and supporting enhanced shareholder returns.
The results reflect another year of resilient execution despite more difficult trading conditions during the second half, when adverse weather and wider economic pressures affected activity across parts of the construction sector.
Specialist services drive growth
While roofing operations experienced softer demand, Northern Bear continued to benefit from strong performance across its specialist building services businesses. The company also expanded its offering through growth in photovoltaic roofing systems and architectural glass façade projects, positioning the business to benefit from increasing demand for energy-efficient construction solutions.
Management is continuing to invest in both its workforce and operational footprint. During the year, the group exited the loss-making Peel business, expanded its passive fire protection activities through new framework agreements, and established a London office to support further growth in the sector.
Looking ahead, Northern Bear expects revenue for FY27 to be broadly consistent with FY26 while continuing to strengthen its presence in key markets including social housing, passive fire protection and new-build construction.
Investment outlook
Northern Bear enters the new financial year with a strong balance sheet, improving profitability and healthy cash generation. The combination of net cash, rising earnings and increased shareholder distributions highlights the group’s financial strength and provides a solid platform for future investment.
The shares also continue to trade on a notably low earnings multiple, which may appeal to value-focused investors. However, this is balanced by weaker technical indicators, with the share price remaining in a short- to medium-term downtrend despite appearing oversold.
About Northern Bear
Northern Bear PLC is a UK construction and building services group providing roofing, specialist building services and property maintenance solutions to both public and private sector clients. Its operations span traditional roofing, social housing refurbishment, passive fire protection and architectural glass façades, while the company is also expanding its presence in renewable energy and decarbonisation through photovoltaic roofing and related technologies.
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