30 May 2012 07:00
30 May 2012
Northbridge Industrial Services Plc.
("Northbridge" or the "Group")
AGM Statement
Northbridge, the industrial services and rental company will today hold its AGM at 12:00 noon at the offices of Buchanan Communications, 107 Cheapside, London EC2V 6DN. Peter Harris, the Chairman of Northbridge will make the following statement on the Group's current trading and outlook:
"As we indicated at the time of our Preliminary Results in April, demand for our manufactured units has continued to be buoyant during the first five months of 2012, with 61% of the sales order target for the year already secured. The rental market for testing and commissioning equipment in Europe and some other markets continues to be challenging, but recent rental contract wins in Australia for oil tools, which have been previously announced will produce good revenue into the second half. In addition our new transformer rental and loadcell businesses are performing well and, being more seasonal, will also make a stronger contribution as the year progresses. Although there is still uncertainty for the World economic outlook, we remain on course to meet market expectations for 2012".
For further information
Northbridge Industrial Services plc 01283 531645
Eric Hook, Chief Executive Officer
Craig Robinson, Finance Director
Westhouse Securities Limited (Nominated Adviser and Broker) 020 76016100
Antonio Bossi /Adam Lloyd
Buchanan Communications 020 7466 5000
Charles Ryland / James Strong
About Northbridge:
Northbridge Industrial Services plc hires and sells specialist industrial equipment to a non-cyclical customer base. With offices or agents in the UK, US, Dubai, Belgium, Germany, France, Australia, Singapore, India, Brazil, Korea and Azerbaijan, Northbridge has a global customer base. This includes utility companies, the oil and gas sector, shipping, construction and the public sector. The product range includes loadbanks, transformers, generators, compressors and oil tools. Northbridge was admitted to AIM in 2006 since when it has recorded increased earnings and dividends based on providing a high level of service, responsiveness and flexibility to customers. It has grown by acquisition of companies in the UK, Dubai, Azerbaijan and Australia and through investing further in those acquired companies to make them more successful. Northbridge continues to seek suitable businesses for acquisition across the world.