11th Apr 2019 12:30
LONDON (Alliance News) - Northbridge Industrial Services PLC on Thursday expressed confidence for the year ahead after reporting a significantly narrowed loss in 2018.
The industrial services company said its pretax loss narrowed to GBP2.7 million in 2018 compared to GBP4.4 million reported a year earlier, as revenue climbed by 4.9% to GBP26.9 million from GBP25.7 million.
In 2018, the company recorded the exceptional cost of GBP712,000 versus none a year prior, which relates to a full provision against a debt in Dubai from 2013 and 2014.
On a divisional basis, revenue in the Crestchic Loadbanks & Transformers unit rose slightly in 2018 to GBP20.4 million from GBP20.2 million, with the contract to supply the FIFA World Cup stadiums boosting the rental income.
Meanwhile, the Tasman Oil Tools division grew revenue to GBP6.6 million during the year from GBP5.4 million generated in 2017, with the strongest performance in this business segment seen in Australia.
"We are pleased to report results which are well ahead of the prior year and are driven by more positive conditions in our end markets," said Chief Executive Eric Hook.
"We look forward with confidence to the future and expect further good progress to be achieved in 2019," added Hook.
Northbridge shares were trading 5.2% higher on Thursday at 149.90 pence each.
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