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Pre-Close Trading Update

26 Jul 2011 07:00

RNS Number : 0186L
Northbridge Industrial Services PLC
26 July 2011
 



26 July 2011

 

NORTHBRIDGE INDUSTRIAL SERVICES PLC

("Northbridge" or "the Group")

 

Pre-Close trading update

 

Northbridge, the industrial services and rental company today issues the following trading statement in advance of its interim results for the six months ending 30 June 2011 which it expects to announce in the week commencing 26 September 2011.

 

As indicated at the AGM in May, we continue to be encouraged by the progress being made by the Group.

 

The integration of Tasman Oil Tools (Pty) Ltd ("Tasman"), acquired a year ago, is now complete and the Australian management team has been strengthened by the appointment of further senior personnel. Tasman is expected to make a significant contribution to our overall performance.

 

Orders for the sale of manufactured units at Crestchic Limited remain buoyant and well ahead of the same period in 2010, with the workforce having been expanded to cope with the increased demand. Other subsidiaries in the Group continue to trade as expected.

 

Commenting on the trading update Eric Hook, Chief Executive of Northbridge said:

 

"With a low level of gearing, increasing demand for our specialist equipment and an increased size of our rental fleet, we are well placed to continue the Group's development. We have the opportunity with our strong cash flow to take advantage of opportunities in the industry, wherever they arise, and we expect to achieve the current market expectations for the year."

 

For further information

 

Northbridge Industrial Services plc

Eric Hook, Chief Executive Officer

Craig Robinson, Finance Director

 

01283 531645

Smith & Williamson Corporate Finance Limited (Nominated Adviser)

Azhic Basirov / David Jones

 

020 7131 4000

Arbuthnot Securities Limited (Broker)

Antonio Bossi / Ed Groome

 

020 7012 2000

Buchanan Communications

Charles Ryland / James Strong

 

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, 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 each year 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 and Australia and through investing further in those acquired companies to make them more successful. Northbridge continues to seek suitable businesses for acquisition across the world.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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