20 Aug 2008 07:00
IMMEDIATE RELEASE 20 August 2008
Northbridge Industrial Services Plc.
("the Group" or "Northbridge")
TRADING UPDATE
Northbridge Industrial Services plc, the industrial services and rental company is pleased to provide the following trading update ahead of its interim results for the six months ended 30 June 2008 which are scheduled for release in week commencing 15 September 2008.
Trading across the Group has remained strong during the first half of the financial year. The Group's sales order intake and enquiries for rental are still at a record level and trading is currently ahead of market expectations for the year to 31 December 2008.
The majority of Northbridge's business activity is related to power reliability and the oil and gas sector and it is our expectation that this level of trading will continue for the rest of 2008 and beyond.
Crestchic, the Group's main subsidiary, continues to trade at record levels and both sales and hire revenues are ahead of the corresponding period last year.
Northbridge (Middle East), which was established in the Jebel Ali free zone of Dubai late last year, now acts as Crestchic's rental agent in the area, and has had a very good start to the year with rental contracts extending well into the second half of 2008.
RDS (Technical) Ltd, whose principal business is to provide generators and associated equipment to the oil and gas industries in the Caspian Region, and where the Group recently announced the purchase of the remaining 49% of the share capital, continues to enjoy a record year with profits for the full year being attributable to Northbridge.
The Board looks forward to updating shareholders with further progress at the release of the Northbridge's interim results in mid September 2008.
For more information please contact:
Northbridge Industrial Services plc 01283 531 645
Eric Hook, CEO
Charles Stanley Securities (Nominated Adviser) 020 7149 6000
Mark Taylor / Freddy Crossley
Buchanan Communications 020 7466 5000
Charles Ryland / James Strong
NBI.L (NBI)