Northbridge Industrial Services Sees FY In Line With Market Views

LONDON (Dow Jones)--Northbridge Industrial Services PLC (NBI.LN), an industrial services and rental company said Monday overall activity has continued to grow and enquiries and quotes for the sale of manufactured units has increased compared with the levels of last year. MAIN FACTS: -Rental demand has improved strongly in most of the group's markets and it expects to report substantial growth in the first six months of 2010 compared with the corresponding period in both 2008 and 2009. -announces the winning of two major projects with both new and existing customers which will extend through the second half of 2010 and into 2011. -The first project is in South Korea with an international oil company and involves the rental of load banks, transformers and generators to a project which will continue into the first half of 2011. -The second project is to a new customer in the Middle East and involves the sale and rental of load banks and transformers to a cement plant in Syria. -The minimum total revenue for these two projects, which take the Group into both new activities and new markets, will be $3.0 million. -The contract for the supply of power generation equipment to the Jabal Salab Zinc project, which has suffered delays since September 2009, has now been terminated by the customer. -The Group is currently in discussion regarding rental payments due for the minimum service period under the contract, and has already started redeploying the resources that had been allocated to this contract, into other markets. -Confident that the Group's performance in 2010 will comfortably achieve the current market expectations for the year. -Shares at 1403 GMT down 1.0 pence, or 0.81%, at 122.5 pence. -By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; iain.packham@dowjones.com (END) Dow Jones Newswires June 14, 2010 10:08 ET (14:08 GMT)