Northbridge Industrial Services PLC AGM Statement (7473P)
May 31 2018 - 2:00AM
UK Regulatory
TIDMNBI
RNS Number : 7473P
Northbridge Industrial Services PLC
31 May 2018
31 May 2018
Northbridge Industrial Services Plc
("Northbridge" or the "Group")
AGM Statement
Northbridge Industrial Services Plc, the industrial services and
rental company, announces that at the Annual General Meeting to be
held later today at 12.00 noon, its Chairman, Peter Harris, will
make the following AGM Statement:
"As we noted in the preliminary results announcement on 12 April
2018, sentiment in the oil and gas industry had begun to improve
following the agreement between OPEC and other producer countries
to reduce surpluses. This improvement in sentiment has become more
noticeable since the beginning of the year, as the price of Brent
crude continued to increase and approached $80 per barrel, and
exploration and production activities have increased. This has been
most apparent in our operations in Australia and our newly formed
Joint Venture in Malaysia, with our local partner, Olio Resources
SDN BHD. As a result of this, we have placed our first capital
investment order for drill pipe since 2014. However, whilst
activities have begun to increase, rental rates still remain
depressed and will take some further time to recover.
Other areas of Northbridge's operations continue to be
resilient, most notably Crestchic Loadbanks, which is involved in
power reliability. Rental revenues in Western Europe remain robust
and will be supported by a contract relating to the FIFA World Cup.
It is still too early in the oil and gas recovery cycle to have a
beneficial impact on power commissioning work that Crestchic is
involved in, but there are more positive signs for the longer
term.
Northbridge's business model is focused mainly towards rental of
equipment and therefore the Group has high operational gearing,
which is coupled with a strong cash flow and a conservative
depreciation policy.
Northbridge's balance sheet remains strong and the Group has a
substantial portfolio of rental assets which are readily available
for deployment. This gives us confidence to take advantage as the
recovery momentum increases."
-Ends-
For further information
Northbridge Industrial Services Plc 01283 531645
Eric Hook, Chief Executive Officer
Iwan Phillips, Finance Director
Stockdale Securities Limited (Nominated Adviser and Broker) 020
7601 6100
Robert Finlay / Antonio Bossi / Henry Willcocks
Buchanan 020 7466 5000
Charles Ryland / Stephanie Watson/ Catriona Flint
About Northbridge:
Northbridge Industrial Services plc hires and sells specialist
industrial equipment. With offices or agents in the UK, USA, The
Middle East, Belgium, Germany, France, Australia, New Zealand,
Singapore, China, Brazil and South Korea, Northbridge has a global
customer base. This includes utility companies, the oil and gas
sector, shipping, banking, mining, construction and the public
sector. The product range includes loadbanks, transformers, and oil
tools. Northbridge was admitted to AIM in 2006 since when it has
grown by providing a high level of service, responsiveness and
flexibility to customers. It has grown by the acquisition of
companies in the UK, Dubai, Australia, Belgium, New Zealand and
Singapore and through investing further in those acquired companies
to make them more successful. Northbridge continues to seek
suitable businesses for acquisition across the world.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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