Northern Bear PLC said its normalized net income for the fiscal first half ended Sept. 30 was 3 Great British pence per share, an increase from 3 pence per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £585,000, a gain from £576,250 in the year-earlier period.

Total revenue fell on an annual basis to £19.6 million from £20.1 million, and total operating expenses declined year over year to £18.5 million from £18.9 million.

Reported net income rose from the prior-year period to £751,590, or 4 pence per share, from £735,130, or 4 pence per share.