Northbridge, the industrial services and rental company today is pleased to announce its unaudited interim results for the six-month period ended 30 June 2019.
· Group revenue up 33% to £16.8 million (2018: £12.6 million)
· Gross profit significantly up by 50% to £7.5 million (2018: £5.0 million)
· EBITDA* up materially by 90% to £3.4 million (2018: £1.8 million)
· Cash generation from operations* up by 33% to £2.6 million (2018: £1.9 million)
· First reported profit before tax since 2014
· Improving conditions in the drilling tool market, with revenue up 29% year on year
· Continuing growth in the core power reliability market
· Operational gearing benefitting results
* - excluding the impact of IFRS 16; reconciliation included in the Finance Director's report
Commenting on the results and the outlook, Eric Hook, Chief Executive of Northbridge, said:
"Northbridge is starting to see the benefits from the recovery in activity in the oil and gas markets across both our operating divisions of Tasman and Crestchic. Northbridge's operational gearing is also now beginning to have a significant beneficial impact on our cash generation."
"We are confident of trading volumes for the remainder of 2019 and with a much-strengthened balance sheet, a strengthening cash flow and further organic opportunities to grow the business, we look forward to the future with optimism. "