Northbridge turns in 'much-improved' first-half performance

Industrial services and rental company Northbridge saw a "much-improved performance" in the first half of its trading year, consistent with its previously provided guidance.

Northbridge said the impact of a recovery in revenue had resulted in its operational gearing "significantly" benefitting cash flow, as well as continuing to improve underlying earnings.

The AIM-listed group said recovery in its key end markets, including the oil and gas market, supported by stable pricing and a gradual improvement in overall rig counts, was now beginning to have "a beneficial impact" on both of Northbridge's businesses, Crestchic Loadbanks and Tasman Oil Tools.

"Consequently, the group is confident that the results for the full year ended 31 December 2019 will be in line with management's expectations," said Northbridge.

Looking forward, Northbridge remained confident in the resilience of the recovery in its markets and expects to make good progress for the rest of 2019.

As of 0940 BST, Northbridge Industrial Service shares had climbed 2.59% to 138.50p.