26th Jul 2011 07:00
26 July 2011
NORTHBRIDGE INDUSTRIAL SERVICES PLC
("Northbridge" or "the Group")
Pre-Close trading update
Northbridge, the industrial services and rental company today issues the following trading statement in advance of its interim results for the six months ending 30 June 2011 which it expects to announce in the week commencing 26 September 2011.
As indicated at the AGM in May, we continue to be encouraged by the progress being made by the Group.
The integration of Tasman Oil Tools (Pty) Ltd ("Tasman"), acquired a year ago, is now complete and the Australian management team has been strengthened by the appointment of further senior personnel. Tasman is expected to make a significant contribution to our overall performance.
Orders for the sale of manufactured units at Crestchic Limited remain buoyant and well ahead of the same period in 2010, with the workforce having been expanded to cope with the increased demand. Other subsidiaries in the Group continue to trade as expected.
Commenting on the trading update Eric Hook, Chief Executive of Northbridge said:
"With a low level of gearing, increasing demand for our specialist equipment and an increased size of our rental fleet, we are well placed to continue the Group's development. We have the opportunity with our strong cash flow to take advantage of opportunities in the industry, wherever they arise, and we expect to achieve the current market expectations for the year."
For further information
Northbridge Industrial Services plc Eric Hook, Chief Executive Officer Craig Robinson, Finance Director
| 01283 531645 |
Smith & Williamson Corporate Finance Limited (Nominated Adviser) Azhic Basirov / David Jones
| 020 7131 4000 |
Arbuthnot Securities Limited (Broker) Antonio Bossi / Ed Groome
| 020 7012 2000 |
Buchanan Communications Charles Ryland / James Strong
| 020 7466 5000 |
About Northbridge:
Northbridge Industrial Services plc hires and sells specialist industrial equipment to a non-cyclical customer base. With offices or agents in the UK, US, Dubai, Germany, France, Australia, Singapore, India, Brazil, Korea and Azerbaijan, Northbridge has a global customer base. This includes utility companies, the oil and gas sector, shipping, construction and the public sector. The product range includes loadbanks, transformers, generators, compressors and oil tools. Northbridge was admitted to AIM in 2006 since when it has recorded increased earnings and dividends each year based on providing a high level of service, responsiveness and flexibility to customers. It has grown by acquisition of companies in the UK, Dubai, Azerbaijan and Australia and through investing further in those acquired companies to make them more successful. Northbridge continues to seek suitable businesses for acquisition across the world.
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