Northbridge expects annual results to meet expectations
Source - SMW
Industrial services and rental group Northbridge said recent trading had been consistent with its forecasts, with annual results expected to be in line with management expectations.
For its Crestchic electrical equipment business, the company said it was entering new markets in the US and benefiting from the growth of renewable power generation.
Some overseas markets, however, particularly in the oilfields and shipyards sectors, continued to experience lower levels of activity as expected, the company said. 'But we do believe these markets will begin to recover in the medium term,' it added.
Sentiment in the oil and gas market maintained its gradual improvement since the end of 2016 amid higher oil prices.
'The modest improvement in the trend of our oil tool rental revenues mentioned in our interim results has continued from the record lows of 2016 and, having taken the necessary steps to right-size the business, we continue to generate cash.'
At 8:27am: (LON:NBI) Northbridge Industrial Services PLC share price was +4p at 112.5p