Northbridge H1 revenues dip on Covid-19 hit
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16:50 21/02/23
Industrial services and rental company Northbridge said on Wednesday that overall trading had remained "resilient" in the first half of the year despite the impacts of the Covid-19 pandemic.
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Northbridge said total revenues were down just 4.8% year-on-year, primarily in the second quarter as lockdowns took effect.
However, the AIM-listed group did caution that revenue mix between sales and rental and its Crestchic and Tasman subsidiaries had "fluctuated widely", as the various pandemic responses worked through its regional networks.
While revenues did slip, Northbridge expects the decrease to be mostly offset by a reduction in operating costs and around £200,000 of government support.
Net debt was broadly flat year-on-year at £6.3m at the end of the period on 30 June.
Northbridge added that it would give a further update on current trading and the impact of Covid-19 on its businesses at the time of publication of its interim results on 30 September.
As of 0930 BST, Northbridge shares were up 2.79% at 92.0p.