News blog
Northbridge Industrial Services
- BY: Andrew Hore |
- POSTED: 29/09/2009 |
Northbridge Industrial Services increased its profits despite lower sales of equipment.
The equipment rental and sales company reported a fall in revenues from £6.87m to £6.1m in the six months to June 2009. A 38% increase in rental revenues helped to improve margins. Pre-tax profits improved from £1.03m to £1.12m.
A one-for-four open offer at 110p a share in June 2009 raised £1.46m after costs. This will increase the average number of shares in issue in the second half and make it more difficult to increase earnings per share.
Net debt was £3.08m at the end of June 2009 as Northbridge invested in its rental equipment fleet. This investment continues. Northbridge has additional land at its factory site which would enable it to increase its production capacity. The interim dividend is being increased from 1.3p to 1.4p a share.
Northbridge has won a $2.9m a year contract at the Jabali zinc project in Yemen. The contract with Aim-quoted ZincOx lasts for three years and will make a significant contribution in 2010. Northbridge will supply generators, transformers and other equipment.
Northbridge continues to look for acquisitions that will add to the product range of equipment and help the company to expand geographically.
At 124p a share, Northbridge is valued at £11.1m.
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