30 May 2022 07:00
RNS Reach 30 May 2022
Northbridge Industrial Services Plc.
("Northbridge", the "Company" or the "Group")
Completion of loadbank production facility
Site visit
Northbridge Industrial Services plc, the power reliability company, is pleased to announce the practical completion and handover of its new loadbank production facility in Burton on Trent, which will increase annualised production capacity by 60%.
As outlined at the Capital Markets Event in March 2022, the new1,200m2 manufacturing site will complement existing facilities which support equipment sales and rentals across the Group's major international hubs in the UK, Continental Europe, the USA, the Middle East and APAC. It will enable Northbridge to meet the current strong levels of customer demand, as well as future proofing operational capacity as the Company builds on its c.10% global market share of the expanding power reliability market. The factory expansion was completed on budget and on time. It has created around 20 new jobs for the local economy and, with all additional employees already recruited and trained, the facility will start production in June 2022 as planned.
Following a transformational 18 months for the Group, the development of this state-of-the-art loadbank production facility reflects the future direction of the Group's core business, Crestchic, which focuses on power reliability to benefit from the global mega trends in data and energy transition. As previously announced, the Group will change its name to Crestchic Plc, conditional on shareholder approval at the Group's AGM on 9 June 2022.
Site visit
A formal opening ceremony will take place on Wednesday 6 July and the Company would like to invite institutional investors and sell side analysts to attend the event. It will be hosted by senior members of the Executive and management teams, and the ceremony will be followed by a brief Group strategy presentation and smaller group tours of the new and existing facilities.
Please RSVP to georgec@buchanan.uk.com to receive details for the event and to be added to the attendee list.
Ends
For further information
Northbridge Industrial Services plc 01283 53 1645
Peter Harris, Executive Chairman
Iwan Phillips, Finance Director
Buchanan Communications 020 7466 5000
Charles Ryland / Stephanie Whitmore / George Cleary
About Northbridge:
Northbridge Industrial Services plc hires and sells specialist power reliability equipment. With a product range comprising a wide range of loadbanks and transformers and depots, offices or agents in the UK, USA, The Middle East, Belgium, Germany, France, Singapore, China and South Korea, Northbridge has a global customer base. This includes utility companies, renewables, the oil and gas sector, data centres, shipping, banking, mining, construction and the public sector. Northbridge was admitted to AIM in 2006 since when it has grown by providing a high level of service, responsiveness and flexibility to customers.
The Company is due to change its name to Crestchic Plc after the next AGM, which is due to be held on 9 June 2022.