25 Jan 2010 07:00
FOR IMMEDIATE RELEASE
25 January 2010
Northbridge Industrial Services Plc.
("the Group" or "Northbridge")
PRE-CLOSE TRADING UPDATE
Northbridge Industrial Services plc, the industrial services and rental company today issues the following trading statement in advance of its preliminary results for the year ended 31 December 2009, which are scheduled for release on 25 March 2010.
Following the trading update given at the time of the Group's interim results last September, the Group's trading has continued to remain stable in the majority of its markets. The second half of the year has not changed significantly from the first half despite the continuing economic turmoil in Dubai and a delay in our contract for the Jabali Salab Zinc project in Yemen. Consequently, the earnings for the year ended 31 December 2009 are unlikely to be materially different from market expectations.
Whilst the outlook for the world economy still looks slightly uncertain, Northbridge starts 2010 with a much larger hire fleet following the investment made in 2009. Rental demand remains robust, and the expectations are that with the Group's existing contracts and rental enquiries, the coming year will see a return to growth. With low gearing and the expectation of a recovery in worldwide markets, Northbridge is also well placed for any future upturn and is confident that the Group will be able to continue its future development in the coming years.
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About Northbridge: Northbridge Industrial Services was incorporated for the purpose of acquiring companies that hire and sell specialist industrial equipment supplying a non-cyclical customer base including utility companies, the public sector and the oil and gas industries. In particular it will seek to acquire specialist businesses that have the potential for expansion into complete outsourcing providers. |