24th Jul 2014 07:00
For immediate release | 24 July 2014 |
Northbridge Industrial Services Plc.
("Northbridge" or the "Group")
Pre-Close trading update
Northbridge, the industrial services and rental company today issues the following pre-close trading statement in advance of its interim results for the six months ending 30 June 2014 which will be announced on 25 September 2014.
As indicated on 29 May at the time of our AGM, Northbridge has achieved a good start to 2014 in both its sales and rental activities. The ongoing investment in our global hire fleet has resulted in good rental revenue and strong cash flow and will enable net gearing to reduce by the end of 2014. A high level of sales orders for manufactured units provide good visibility for the second half of 2014 and with the two acquisitions completed last year now fully integrated and performing as expected we remain confident in the Group's prospects and committed to our stated strategy.
We expect results for 2014 as a whole to be in line with management's expectations.
For further information
Northbridge Industrial Services plc 01283 531645
Eric Hook, Chief Executive Officer
Craig Robinson, Finance Director
Westhouse Securities Limited (Nominated Adviser and Broker) 020 7601 6100
Robert Finlay / Antonio Bossi / Henry Willcocks
Buchanan Communications 020 7466 5000
Charles Ryland / Clare Akhurst
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, Belgium, 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 based on providing a high level of service, responsiveness and flexibility to customers. It has grown by the acquisition of companies in the UK, Dubai, Azerbaijan, Australia, Belgium and Singapore 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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