26 Jul 2013 07:00
Embargoed for release at 0700 on 26 July 2013 |
Northbridge Industrial Services Plc.
("Northbridge" or the "Group")
Pre-Close Trading Update
Northbridge, the industrial services and rental company today issues the following pre-close trading statement in advance of its interim results for the six months ending 30 June 2013 which it expects to announce on 26 September 2013.
As indicated on 30 May at the time of our AGM, 2013 started well with a large number of contracts continuing from 2012 and the first six months of 2013 will show results substantially ahead of the same period last year. The ongoing investment in our global hire fleet has resulted in good rental revenue, strong cash flow and has ensured significant reductions in net gearing levels that will continue into the second half of 2013. Sales and orders for manufactured units have continued to remain buoyant during the first six months and provide good visibility for the second half of 2013. Our drilling tools, testing and commissioning activities continue to perform well in a challenging environment, and we remain confident in the Group's prospects.
A forecast satisfactory second half year performance will achieve results for 2013 as a whole which should be in line with Directors' expectations.
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 /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.