Northbridge Industrial Services PLC - Burton-on-Trent-based specialist industrial equipment manufacturer - Reports "encouraging start to the year" ahead of management's expectations. Books GBP19.6 million interim revenue in the six months that ended June 30, up 22% from GBP16 million last year. Hire revenue grows 28%, sales & service revenue grows 14%.
Anticipates first half operating costs will be up year-on-year as activity levels increased and no government support was received in the period - half year 2020 operating costs were GBP200,000.
Crestchic factory at full capacity; half year service revenue up by 19% at GBP7.1 million, hire revenue is GBP8.7 million. However, ongoing supply chain disruption continues to slightly affect cost margins. "The performance of Crestchic to date and its forward pipeline and momentum has led to an increase in management's expectations for the group's performance for the full year," says Northbridge.
Current stock price: 111.84 pence, up 7.0% on Wednesday
Year-to-date change: up 14%
By Josie O'Brien; josieobrien@alliancenews.com
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