News blog
Northbridge Industrial Services
- BY: Andrew Hore |
- POSTED: 29/03/2009 |
Northbridge Industrial Services increased its profits by 82% in 2008.
Northbridge had already said that profits would be much higher than the £2m originally forecast. Profits improved from £1.63m to £2.97m on revenues 40% higher at £15.7m.
The main customer base for the equipment sale and hire company are power generation and oil and gas companies.
The business is strongly cash generative and this cash is reinvested in more equipment. Net debt has increased by £1m to £1.39m after spending £1.9m on new equipment.
The final dividend is increased by 30% at 2.6p a share, an the total for the year is 30% higher at 3.9p a share.
Finance director Ash Mehta bought 1,803 shares at 144p a share, taking his stake to 0.26%.
At 142.5p a share, Northbridge is valued at £10.9m. The shares are trading on less than six times 2008 earnings.
Trading remains strong but the order book is not as good as the same time last year.
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