News blog
Northbridge Industrial Services
- BY: Andrew Hore |
- POSTED: 14/06/2010 |
Northbridge Industrial Services says that it should comfortably achieve market expectations for 2010 thanks to two new orders worth at least $3m.
Northbridge is renting load banks, transformers and generators to a South Korea oil company. A new Middle East customer is renting load banks and transformers for a cement plant in Syria. These contracts carry on into the beginning of 2011.
Overall, activity levels are growing and enquiries for equipment manufactured by Northbridge are also higher.
However, the contract for the Jabal Salab zinc project in Yemen has been terminated. Northbridge is discussing rental payments for the minimum service period under the contract. According to last year’s results announcement the minimum service period for the supply of transformers and generators was extended from 12 to 36 months. The value of the original 12 month period was $2.9m.
The equipment can be reallocated to other markets.
The interim figures will be published in the second half of September. Arbuthnot forecasts a full year profit of £3.06m, which is higher than the peak profit in 2008.
At 127.5p a share, up 4p on the day, Northbridge is valued at £11.4m. The shares are trading on just over five times forecast 2010 earnings.
Download the June edition of AIM Journal at http://www.hubinvest.com/AIMPDFJune2010_9.pdf .
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