Newcastle-based building firm Northern bear reported a 9 percent rise in profit on Monday, alongside a special dividend.

Pre-tax profit for the year through March rose to £2.6 million, with revenue up 18 percent to £53.6 million. Gross profit from continuing operations increased to £10.5 million, up from £9.3 million the year previously, while gross margin fell to 19.6 percent, down from 20.4 percent.

The group’s finances were boosted by their acquisition of furniture-maker H Peel & Sons. The reduction in gross margin was the result of a change in sales mix.

Northern Bear also pleased investors with a 20 percent increase in the final dividend, up to 3.0p per share. It also declared a special dividend of 1.0p per share.

Steve Roberts, executive chairman at Northern Bear, said: “I am delighted to be reporting on another great set of results.

“With a strong current order book, I am hopeful of another good year to come and would like to thank my fellow directors and the management teams and staff at all of our companies for the efforts they put into making the group such a success story.”

Shares in Northern Bear (LON:NTBR) are currently up 3.29 percent at 84.70 (1021GMT).