27th Sep 2018 11:26
LONDON (Alliance News) - Northbridge Industrial Services PLC on Thursday said that improving sentiment in the oil & gas market led to a narrowed interim pretax loss and outlook remains in line with expectations.
The company added that the improved sentiment is translating into increased business activity and the company now intends to invest judiciously into growth areas of the business.
The industrial equipment rental company recorded a pretax loss of GBP1.5 million for the six months to June-end, compared with a pretax loss of GBP2.4 million in the year ago period, on a revenue of GBP12.6 million and GBP12.0 million, respectively.
Earnings before interest, taxes, depreciation and amortisation and before exceptional costs in the first six months totaled GBP1.8 million versus GBP1.4 million.
"Having raised further capital and refinanced our debt during the first six months, we have a strong balance sheet which leaves Northbridge securely positioned. We look forward to a successful second half of the year and remain confident for the long-term prospects for the business," said Chief Executive Eric Hook. The company raised GBP2.4 million in the first half via placing 2 million shares at 125 pence each.
Shares in Northbridge Industrial were down 1.5% at 130.50 pence each.
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