Vernalis to raise £68.5m 10/02/2012
Drug discoverer Vernalis (VER) is to raise £68.5 million as part of a joint venture with US concern Tris Pharma.
Contract cheer at Northern Bear
Acquisitive building services and materials concern Northern Bear has won £6 million of new contracts in a ‘very challenging’ first half.
The Chester-le-Street-based company, which increased pre-tax profits 26 per cent to £2.85 million in the year to March, says its Jennings Roofing division has secured one contract worth more than £2 million with a housing association in the north west of England. This takes its committed order pipeline to £4.5 million, its ‘strongest for two years’.
Meanwhile, AIM-quoted Northern’s Spring Roofing arm has secured a £1 million commission from a social housing consortium in the north-east and its MGM subsidiary has clinched £2.25 million of contracts, also with as north-eastern social housing group. Elsewhere, the company’s Hastie D Burton division has won contracts worth a combined £850,000.
Steered by chief executive officer Graham Forrest, Northern Bear says these contracts will have an impact on its results for the year to next March. In a separate development, finance director David Jay is stepping down to become a non-executive director and will be replaced by current non-executive director Steve Roberts.
At 43p, Northern Bear’s shares value the company at £8 million.
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