12 April 2022
Northbridge Industrial Services Plc
(“Northbridge” or the “Group” or the “Company”)
Audited results for the Year Ended 31 December 2021
Northbridge Industrial Services plc, the power reliability company, today announces its audited results for the year ended 31 December 2021, which are in line with increased market expectations.
Highlights:
- Group revenue from continuing operations up 20% to £29.5 million (2020: £24.6 million)
o Hire revenue up 34% as major projects recover from COVID-19 delays
o Equipment sales up 7%, despite capacity constraints, with data centres remaining very strong
o Change in mix towards hire benefitted gross margin from continuing operations – up to 47.2% from 44.9%
- Pre-exceptional profit before tax up sharply to £3.3 million (2020 £0.4 million)
- Strong cashflow reduced net debt1to £2.2 million (2020: £6.8 million)
- Balance sheet restructured by partial redemption and partial conversion of Convertible Loan Note (“CLN”) and new lower cost, more flexible bank facility
- Successful exit from bulk of Tasman Drilling Tools division with sale of the Australian and New Zealand operations which completed in February 2022
- In line with previous announcements, £6.7 million exceptional cost recognised in respect of Tasman disposal and £0.9 million in respect of the redemption of the CLN
- Factory expansion project well under way by year end and on track for Q2 2022 on stream date
- Started the year with record equipment sales order book for Crestchic for the fourth year in succession
- Excellent financial performance in 2021 and confidence in future prospects has led to the resumption of dividends
- Company name to be changed to Crestchic Plc, after the next AGM, to reflect refocused strategy
1 including IFRS 16, reconciliation to pre-IFRS-16 figures included in the Financial Review
Peter Harris, Executive Chairman, commenting on the results said:
” At the start of 2021 we set out a new, strategic direction for the Group, focused on our Crestchic Power Reliability division. We set out a series of actions that we needed to take to restore the group to profitability and robust financial health. We also acted to reposition the group for sustained future growth, based on our proposition of providing mission critical equipment into a niche market that is growing strongly, driven by global megatrends towards a digital economy and energy transition away from fossil fuels.
I am pleased to report that our 2021 results demonstrate that we have been successful on all fronts. Following the successful exit from the bulk of the Tasman division, with our factory expansion nearing completion and with record orders books reflecting the vibrancy of our markets, we face the future with great confidence “.