LONDON (Alliance News) - Northbridge Industrial Services PLC Thursday said it still expects its 2014 results to be in line with its own expectations, after its sales and rental operations both contributed to a strong first quarter.
"We are pleased with the group's progress so far this year and continue to be confident in the group's prospects," Chairman Peter Harris said in a statement ahead of the company's annual general meeting.
Harris added that the company expects to reduce its net gearing further by the end of the year because cash flow remains strong.
Net gearing is a measure of a company's financial leverage, calculated by dividing net liabilities by shareholder equity.
Northbridge Industrial Services shares were up 1.1% at 465.5 pence Thursday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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