30 September 2021
Northbridge Industrial Services Plc
(“Northbridge”, the “Company” or the “Group”)
Unaudited Interim Results for the six months ended 30 June 2021
Power reliability division drives continued strong growth
Northbridge, the industrial services and rental company, is pleased to announce its unaudited interim results for the six-month period ended 30 June 2021 and the Board is pleased to report an interim trading result performance ahead of management's expectations. This has continued into Q3 2021 and gives Northbridge confidence in further increasing expectations for operating profits for the full year with the momentum expected to continue into 2022.
Highlights
· Group revenue for the period up by 22% to £19.6 million (H1 2020: £16.0 million)
· Positive sales mix – Crestchic hire revenue up 74% to £8.7 million (H1 2020: £5.0 million)
· Vibrant data centre market drives increase in sales orders and pipeline
· Gross profit 27% higher at £8.8 million (H1 2020: £6.9 million) with a move in sales mix towards hire
· Operating profit increased substantially to £1.6 million (H1 2020: £0.4 million)
· Net cash from operating activities more than doubled from £1.2 million in H1 2020 to £2.8 million in H1 2021
· Senior debt and convertible loan facilities fully refinanced (related exceptional costs £0.9m (H1 2020: £0.0))
· Net debt decreased significantly from £6.8 million to £4.5 million in the period
· Planning permission received for factory expansion and construction commenced early in H2
· Restructure and possible divestment of Tasman division progressed
Commenting on the results and the outlook, Peter Harris, Executive Chairman of Northbridge, said:
” We are delighted to report on a period of growth for Northbridge, with our position in the electrical power reliability market in particular driving growth and margins and both divisions contributing to strong cash generation. As trends towards long term sustainable power generation and a connected, data driven society take centre stage worldwide, our global footprint and technological excellence give us confidence in sustaining this momentum through the fourth quarter of 2021 and into 2022.”