Newcastle-based building services firm Northern Bear plc said its revenue increased 14.1% to £69.7 million in the year ended March 31, 2023, and adjusted operating profit rose 13.4% to £2.9 million.

Northern Bear said it will pursue a dividend growth strategy supported by the organic progress of the group’s businesses and, to the extent accretive, bolt-on acquisitions.

To that end, the group announced its intention to declare an ordinary dividend of 4p per share plus a special dividend for FY23 of 1p per share.

In its outlook, Northern Bear said: “Early indications are that FY24 is progressing in a similarly strong manner as FY23, for the financial year to date. 

“As always, the timing of group turnover and profitability is difficult to predict despite the continued strong order book and our results are subject to monthly variability.

“Inflationary pressures on construction materials prices have eased somewhat, which should lead to improved visibility on near-term profitability.

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

Northern Bear chairman Jeff Baryshnik said: “We are delighted to announce one of the strongest full year adjusted operating profits reported in the history of Northern Bear and are excited to implement our dividend growth strategy.

“We look forward to providing further updates to our shareholders and the wider investment community during the second half of 2023.”