12th Jan 2015 09:03
LONDON (Alliance News) - Northbridge Industrial Services PLC on Monday said it was too early to know what effect the falling global oil price will have on its business, but it maintained its guidance for 2014 as it said its current trading had only faced a minimal impact.
The industrial services and equipment hire company, said while the parts of its business that directly service the oil and gas industry are likely to be impacted by a slowdown in exploration and production activities, other parts of its business could benefit from a lower oil price, in particular its transformer division and its loadbank arm.
The group said that while it is possible the lower oil price will take its toll on its 2015 performance, the impact thus far has been minimal, and it expects its results for the year to December 31 to be broadly in line with its expectations.
Northbridge shares were up 3.7% to 389.00 pence on Monday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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