RNS Number: 4160 O Northbridge Industrial Services PLC 29 May 2020 29 May 2020. The Annual General Meeting of Northbridge Industrial Services Plc will be held on 24 June 2020 at 5:00 pm at the Company's premises on Third Avenue, Centrum 100, Burton on Trent, Staffordshire, DE14 2 WF. The notice of the meeting will be posted to shareholders today and will also be...
#NBI ''Experience delivering results'' - Although trading had begun to dip by the end of March, overall, the momentum built during 2019 continued. Significantly, the volume uplift within Tasman had resulted in that division moving into profitability ahead of our expectations. The record manufacturing order book at Crestchic, which further improved in recent weeks, is impressive and requiring the factory to work at, or close to, full capacity for the remainder of the year. The factory has remained operational throughout the lockdown period, testimony to the newly introduced working practices and the critical nature of some of the end markets for the loadbanks (including healthcare). We remain encouraged by the management actions to date, coupled with healthy financial liquidity and the ongoing strong performance of manufacturing. The share price stands at a substantial discount to the NAV and a price-to-book ratio of just 0.6x. - see full note attached
RNS Number: 7249 L Northbridge Industrial Services PLC 04 May 2020 4 May 2020. Our recovery momentum of 2019 was maintained, and Tasman, in particular, showed very good year on year growth and traded profitably in the quarter. Following the UK lockdown, we have largely been able to maintain factory production under appropriate social distancing and staff welfare...
RNS Number: 0585 K Northbridge Industrial Services PLC 17 April 2020 17 April 2020. Northbridge Industrial Services plc, the industrial services and rental company, announces that it has received notification that Eric Hook, Director of the Company, has today purchased 4,000 ordinary shares of 10 pence each at a price of 95.4 pence.. Following this transaction...
RNS Number: 9592 J Northbridge Industrial Services PLC 17 April 2020 17 April 2020. Northbridge Industrial Services plc, the industrial services and rental company, announces that it has received notification that Eric Hook, Director of the Company, yesterday purchased 2,000 ordinary shares of 10 pence each at a price of 95.76 pence.. Following this...
RNS Number: 6010 J Northbridge Industrial Services PLC 14 April 2020 14 April 2020. Northbridge Industrial Services plc, the industrial services and rental company, announces that it has received notification that Eric Hook, Director of the Company, has today purchased 2,000 ordinary shares of 10 pence each at a price of 96.0 pence.. Following this transaction...
RNS Number: 5384 J Northbridge Industrial Services PLC 14 April 2020 14 April 2020. The Group announces that Eric Hook, Ian Gardner and Iwan Phillips were today granted options over a total of 135,000 ordinary shares of 10 p each as detailed below:. Following the grant of options outlined above, Eric Hook, Ian Gardner and Iwan Phillips have options over the...
RNS Number: 3722 J Northbridge Industrial Services PLC 09 April 2020 9 April 2020. Northbridge Industrial Services plc, the industrial services and rental company, announces that it has received notification that Eric Hook, Director of the Company, has today purchased 5,000 ordinary shares of 10 pence each at a price of 89.0 pence.. Following this transaction...
RNS Number: 2147 J Northbridge Industrial Services PLC 08 April 2020 8 April 2020. Northbridge Industrial Services plc, the industrial services and rental company, announces that it has received notification that the wife of Ian Gardner has yesterday, and Judith Aldersey-Williams has today purchased ordinary shares of 10 pence each in Northbridge as...
RNS Number: 1283 J Northbridge Industrial Services PLC 08 April 2020 8 April 2020. Northbridge Industrial Services plc, the industrial services and rental company, announces that it has received notification that Peter Harris, Eric Hook, Iwan Phillips and Ash Mehta have yesterday purchased ordinary shares of 10 pence each totalling 43,365 in Northbridge as...
#NBI - ''Liquidity: 'plan B' already underway - Northbridge has produced preliminary results that were ahead of expectations across several metrics. The Group achieved a significant milestone in returning to profitability for the first time in five years. Margins continue their upward trajectory, aided by the high levels of operational gearing. Geographical expansion continued, following the opening of new depots in Singapore (Tasman) and Pennsylvania (Crestchic). Reported cash flow continued to be positive, driven by a marked increase in EBITDA to £8m and, following the purchase of a hire fleet from a failed competitor, capex declined. Net debt fell to £6.4m, representing healthy net debt/EBITDA and gearing levels of 0.8x and 18%, respectively. While the strong H2 2019 trading continued into Q1 2020, restrictions on trade associated with COVID-19 related lockdowns began to influence activity by the end of the period. Additionally, the sharp decline in the oil price has created uncertainty surrounding its customers’ ability to invest in new projects for 2021. But Management has taken immediate action on costs and use of cash to maintain its strong liquidity position. And the balance sheet, the cost base and geographical diversification of the order book remain in comfortably better shape than in late 2014 when the Group last dealt with a slowdown. At 124p / share , the NAV currently sits on an 85% premium to the stock price and gives a price-to-book ratio of 0.5x. - Full note attached
·Group revenue up 24.7% to £33.6 million. ·Strong cash generation from operations 1 up 87.6% to £8.0 million. ·Strong balance sheet with net debt 1 down 25.9% to £6.4 million.
Northbridge Industrial Services Plc #NBI announced that as noted in its pre-close trading update on 31 January 2020, results for the year ended 31 December 2019 are expected to be in line with management's expectations. Extracts from its unaudited draft accounts for the year ended 31 December 2019 show a strong balance sheet with pre-IFRS 16 net bank debt, excluding convertible debt, of only £2.5 million and pre-IFRS 16 EBITDA of £7.0 million. Its bank facilities with NatWest extend to June 2021. The group has a worldwide rental fleet with a net book value of £18.5 million, UK and New Zealand freehold properties externally valued at £4.5 million, and a UK debtor book of £1.9 million.
#NBI 'Well placed to deal with uncertainty' - Northbridge has issued a trading update giving a degree of clarity ahead of 2019 results. Q1 trading has been strong in some areas (Crestchic manufacturing) and weaker in others, reflecting the limits on the movement of personnel and equipment across borders as nations struggle to contain the pandemic. However, we draw comfort from the experience of Northbridge in handling previous crises, a high NAV per share and expected rising demand for gas in Australia during Q2 and Q3. Together, they suggest the share price is already discounting an elongated recession. The recent lockdowns across many nations have meant difficulties in moving personnel and equipment across borders, coupled with the temporary closure of numerous industries. Such trends are beginning to impact both divisions. As a result, Management has suggested that Q2 and Q3 are likely to prove quieter than expected. As such, and with no imminent control over the spread of COVID-19, we feel that it is sensible to suspend our financial estimates until greater clarity is forthcoming. As at 30 June 2019, the Group’s NAV stood at £36.3m (2018: £36.5m), or 128.5p per share (2018: 129.3p). We would expect the current NAV to be little changed, so standing at a hefty 86% premium to the current share price. The NAV is backed by freehold property in the Group worth £4.5m and by the rental fleet, a further £18.5m. We still believe that the Group’s long-term fundamentals remain positive, reflecting the growing requirement for the commissioning and testing of datacentres, hospitals, power grids within Crestchic, and a leading market position in Australasia at Tasman. Although our estimates are suspended temporarily, we see Northbridge’s underlying value as well reflected by its NAV, i.e. 129p / share. - Click here for full note:
Northbridge Industrial Services Plc #NBI announced that as noted in its pre-close trading update on 31 January 2020, results for the year ended 31 December 2019 are expected to be in line with management's expectations. Extracts from its unaudited draft accounts for the year ended 31 December 2019 show a strong balance sheet with pre-IFRS 16 net bank debt, excluding convertible debt, of only £2.5 million and pre-IFRS 16 EBITDA of £7.0 million. Its bank facilities with NatWest extend to June 2021. The group has a worldwide rental fleet with a net book value of £18.5 million, UK and New Zealand freehold properties externally valued at £4.5 million, and a UK debtor book of £1.9 million.
RNS Number: 6303 H Northbridge Industrial Services PLC 26 March 2020 26 March 2020. Northbridge, the industrial services and rental company, today issues the following statement in relation to COVID-19.. Extracts from our unaudited draft accounts for the year ended 31 December 2019 show a strong balance sheet with pre-IFRS 16 net bank debt, excluding...
#NBI 'Walking the talk' - The recent trading update from Northbridge confirmed that the ‘talk’ of recovery has moved on to reality, with confirmation that the Group has returned to profitability. Significantly, the outlook for 2020 remains upbeat. Moving into profit and the related improvement in cash flow allows the Group to take advantage of a broader range of options for growth. Management relayed this to investors recently, underpinning our expectations of continued strong top-line growth and a move to meaningful profitability over 2020 and 2021, along with a realistic possibility of a return to the dividend list. Trading during H2 saw a considerable improvement on the prior year and continuing the trends experienced during H1. With most revenues derived from rental activities, the business demonstrates significant operational gearing. While there is a degree of resilience within the UK and European markets for Crestchic, its overseas markets are generally more cyclical or, in the case of the US where the Group is a relatively new entrant, at the early stages of growth for the division. Trading within the Group’s oil & gas drilling equipment markets performed strongly, albeit growing from a low base, and significantly outperformed activity in the wider market. Figures from Baker Hughes suggest that rig count across the Asia Pacific region, where the division is most active, declined 2.2% y-o-y. By contrast, Tasman benefited from recovering natural gas and LNG markets within Australia. With no change to estimates, we have retained our DCF-based fair value at 204p / share. While this suggests a relatively high forward PER of 22.3x, the return to positive EPS in 2020 and the likely rapid growth, thereafter, indicates that the forward PER for FY2021 will be more reasonable. That in turn provides scope for further momentum in the share price, particularly should EPS momentum improve faster than currently anticipated. - click here for full note :
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