31 Jan 2013 07:00
31 January 2013
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 2012, which is scheduled to be released during the week commencing 8 April 2013.
The Group expects profits before tax for the year ended 31 December 2012 to be in line with market expectations.
Trading during the second six months of 2012 was robust and included much of the benefit from the contracts which were delayed in the first six months of the year. Early indications show that the additional capital expenditure into the Group's oil tool and transformer hire fleet has been judicious and we expect to see the benefits continuing into future years. Likewise, the additional property acquired during the first half of 2012 now houses the main European hire fleet and the Group has been able to expand its manufacturing capacity as planned.
With many contracts which commenced in the second half of 2012 continuing into the first quarter we are confident of a good start to 2013.
Eric Hook, Chief Executive Officer of Northbridge commenting on trading said:
"The additional investment into hire equipment and the new UK location are important step changes for Northbridge and will help sustain our growth into the future. We are now beginning to reap the benefits in cash flow which should continue to accrue into the future. The second six months of 2012 were a record for the Group as a whole and this momentum has continued into the start of 2013. We hope that the early signs of improvement in the overall world economy will continue and that Northbridge will see further advancement in 2013."
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 /Henry Willcocks
Buchanan Communications 020 7466 5000
Charles Ryland / Clare Akhurst
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.