6 Feb 2014 07:00
For immediate release 6 February 2014
NORTHBRIDGE INDUSTRIAL SERVICES PLC
("Northbridge" or the "Group")
Pre-Close Trading Update
Northbridge, the industrial services and rental company, is pleased to issue the following pre-close trading statement in advance of its preliminary results announcement for the year ended 31 December 2013, which is scheduled to be released during the week commencing 7 April 2014.
Trading during the second half of 2013 featured strong cash generation, resulting in a significant reduction in gearing, solid equipment sales and rental revenue and further direct investment into the hire fleet.
Early indications are that the two acquisitions completed late in the year are integrating well and the Group expects to see benefits flowing through in future periods which should help to mitigate the impact of exchange rate movements.
The Group expects results for the year ended 31 December 2013 to be in line with management's expectations.
Commenting on trading, Eric Hook, Chief Executive Officer of Northbridge, said:
"The acquisitions and investment into the Group's hire fleet have increased and strengthened our successful global business. 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. We remain optimistic of continued growth and are well positioned as the world economy continues to show signs of improvement."
For further information:
Northbridge Industrial Services plc Eric Hook, Chief Executive Officer Craig Robinson, Finance Director
| 01283 531645 |
Westhouse Securities Limited (Nominated Adviser and Broker) Robert Finlay / Antonio Bossi / Paul Gillam / Henry Willcocks
| 020 7601 6100 |
Buchanan Charles Ryland / Clare Akhurst
| 020 7466 5000 |
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, Australia and Belgium and through investing further in those acquired companies to make them more successful. Northbridge continues to seek suitable businesses for acquisition across the world.