Acquisitive engineering and support services minnow Southern Bear has trebled annual pre-tax profits to £1 million.
Acquisitive engineering and support services minnow Southern Bear has trebled annual pre-tax profits to £1 million.
The Leamington Spa-based company, chaired by the entrepreneurial Jon Pither, increased turnover 116 per cent to £18.8 million in the year to March, helped by acquisitions. These included the purchase of central heating specialist Fenhams for £3.75 million in cash and shares, with the same again payable if profit targets are met by next year.
AIM-quoted Southern raised £2.3 million in a placing at 2p during its financial year and then attracted another £760,000 in April with a private placing and convertible loan note issue. Floated at 3p in 2005, the shares have traded between 1.38p and 3.13p over the past year and now stand at 2.5p, where they value the company at £17.6 million.
