Northbridge revenues improve across core activities
Industrial services and rental company Northbridge saw its trading performance continue to improve in the past year and now expects its full-year results to be in line with management expectations.
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Northbridge, which its core activities are electrical equipment business Crestchic Loadbanks and Asia-Pacific focussed drilling equipment rental operation Tasman Oil Tools, continued to "perform well" in both units - with revenues moving ahead across the board.
Looking forward, the AIM-listed group said the equity placing undertaken in 2018 had reduced gearing and strengthened its balance sheet "noticeably".
Northbridge said: "Trading cash flow has also begun to improve and, alongside the fundraising, has put the group in a strong position for the future."
"We are more confident in the resilience of the recovery in our markets, despite the recent dips in the oil price, and we expect further good progress to be made during 2019."
As of 1145 GMT, Northbridge shares had picked up 4.62% to 117.70p.