2nd Aug 2019 10:43
(Alliance News) - Northbridge Industrial Services PLC said Friday trading in the first half of 2019 was improved from the year before, with recovery in the group's key end markets, stable pricing and improved rig counts.
The industrial services and rental firm operates two businesses: Crestchic Loadbanks, which manufactures and rents loadbanks and transformers; and Tasman Oil Tools, which rents drilling equipment to the oil & gas industries.
Crestchic's UK and European activities have continued to performed well, while the US operation has continued to rise with growth in year-on-year revenue since starting in 2016.
There is also signs of renewed activity in Crestchic's other overseas markets for power projects, mainly relating to natural resources and shipyards. Crestchic started 2019 with a record order book for the sale of manufactured equipment.
In Tasman Oil Tools, rig counts in the unit's immediate areas of operation saw a year-on-year improvement, as the improved sentiment in the oil and gas market during 2018 continued into the first half of 2019.
Looking ahead, Northbridge said it expects to make good progress for the rest of the year, with results for 2019 set to be in line with management expectations.
Northbridge Industrial Services will publish its interim results on September 26.
Shares in Northbridge Industrial Services were up 2.6% at 138.50 pence on Friday.
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