The AGM update from Northbridge comprises a trading statement for the first five months of the year. Further recovery has been demonstrated across both divisions, led by equipment hire as opposed to sales. As such, it should come as no surprise to see the high level of operational gearing feed through into the 12-month rolling EBITDA, which has shown a marked improvement in both YTD and y-o-y comparisons. The strong trading has warranted an increase in the level of investment in the hire fleet. Owing to the hire order book being short term in nature, coupled with moving into more difficult comparatives owing to last year’s FIFA World Cup, we have prudently left our FY2019 breakeven estimates unchanged but remain very encouraged by today’s trading statement.
Sign up for free to access
Get access to the latest equity research in real-time from 12 commissioned providers.
Get access to the latest equity research in real-time from 12 commissioned providers.
Good progress YTD
- Published:
04 Jun 2019 -
Author:
David O’Brien -
Pages:
2
The AGM update from Northbridge comprises a trading statement for the first five months of the year. Further recovery has been demonstrated across both divisions, led by equipment hire as opposed to sales. As such, it should come as no surprise to see the high level of operational gearing feed through into the 12-month rolling EBITDA, which has shown a marked improvement in both YTD and y-o-y comparisons. The strong trading has warranted an increase in the level of investment in the hire fleet. Owing to the hire order book being short term in nature, coupled with moving into more difficult comparatives owing to last year’s FIFA World Cup, we have prudently left our FY2019 breakeven estimates unchanged but remain very encouraged by today’s trading statement.