LONDON (Alliance News) - Northbridge Industrial Services PLC Tuesday said its pretax profit increased in 2013 and it expects continued growth in 2014 as higher sales helped the company.
The industrial services and rental company said its pretax profit increased 35% to GBP6.6 million from GBP4.9 million in 2012 as revenues jumped 22% to GBP37.6 million from GBP30.8 million.
However, the company noted that if it did not include a GBP1.1 million payment to the company due to negative goodwill on the acquisition of Oilfield Material Management Ltd during November.
The company said its revenues increased as extensions of a number of hire contracts meant that its more profitable rental business took a larger share of the company's revenue mix.
Northbridge offers specialist transformers for rental, providing high and low voltages at various capacities
The company said the figures also included a GBP1.2 million payment from two acquisitions in the last quarter, Oilfield Material and Crestchic (Asia-Pacific) PTE Limited.
As such, Northbridge proposed a 9.1% increase in its final dividend to 3.9 pence from 3.575 pence, bringing its total dividend up 8.8% to 5.9 pence rather than 5.425 pence.
The company also said its first quarter has started well and, having begun 2014 with good levels of demand for its products, it expects continued growth during the year in line with management expectations.
Northbridge shares were up 2.9% to 451.50 pence Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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