Northern Bear (LON:NBTR) – certainly not a bearish tiddler

Mark Watson-Mitchell
Jul 11
2 min read

11.07.2027

I am grateful to a Family Office fund manager for reminding me to take a look at the shares of the £12.3m-capitalised Northern Bear ahead of its 2025 Final Results being announced next Tuesday, 15^th July.

This North of England-based group of companies provides specialist building and support services, employing some 425 people across it ten regional depots across the UK.

Working on around 100 different live projects, its segments include Roofing activities, Materials handling activities and Specialist building services activities.

The Roofing activities segment provides a range of roofing services including slating, tiling, leadwork, felting, refurbishment and maintenance for domestic, commercial and public sector properties.

The Materials handling activities segment includes supply, service and maintenance of forklift trucks and warehouse equipment both on hire and for sale.

The Specialist building services activities segment includes an aggregation of other specialist building services and construction companies providing services including building maintenance, refurbishment, electrical contracting, fire protection and sound insulation.

There are some 19m shares in issue, with larger holders including IG Markets (24.17%), Hargreaves Lansdown Asset Management (4.25%), and KW Investment Management (3.00%).

Analyst Jon Levinson, at Hybridan Securities, was previously estimating that the Newcastle Upon Tyne group would report sales of £73.97m (£68.68m), while the group’s March issued Trading Update guided that its EBIT would be better than market expectations in the region of £3.15m - £3.45m.

Since the Trading Update the group’s shares have enjoyed a real spurt in share price from 52p to the current 89.50p – so next Tuesday’s results announcement will look to back-up the group’s perceived undervalue.

However, I have to say that I would not want to be a bear of the group’s shares.

Despite a lack of real broker opinion on the group I am putting out a Target Price of 110p on the group’s shares.