LONDON (Alliance News) - Industrial services and rental company Northbridge Industrial Services PLC Thursday said it expects its results for the full year ended December 31, 2013 to be in line with management expectations.
In a pre-close trading update the company said trading during the second half of 2013 featured strong cash generation which resulted in a reduction in debt gearing, solid equipment sales and rental revenue, and further direct investment into its hire fleet.
Northbridge said the two acquisitions it completed near the end of 2013 are integrating well.
In September, the firm bought load bank firm Crestchic Asia-Pacific PTE Limited (CAP) for GBP6.2 million followed by the acquisition of the assets of Oilfield Material Management Limited in Abu Dhabi for USD3.0 million.
A load bank is used for load testing generators and power supplies.
At the time Northbridge said the Abu Dhai acquisition complements Tasman Oil Tools Pty, its Australia-based business, and will expand its presence the Middle Eastern.
"The acquisitions and investment into the Group's hire fleet have increased and strengthened our successful global business," Chief Executive Eric Hook said in a statement.
"We remain committed to our strategy of organic and acquisitive growth through continued investment into the hire fleet and by the acquisition of specialist, cash generative rental businesses," he added.
The stock was trading at unchanged at 445.00 pence Thursday.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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