Northbridge’s equipment rental unit in Australia, which was the earliest unit to suffer from the oil market turndown, was the main contributor to a 5% recovery in group revenues and a 44% rise in EBITDA in FY 2018, described as a “watershed” year. The high depreciation charge meant there was a £2.0m loss before tax and exceptionals, in line with our estimate and less than half of the prior year deficit. “Further good progress” for the oil and electrical too
11 Apr 2019
Australia leads recovery in “watershed” year
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Australia leads recovery in “watershed” year
- Published:
11 Apr 2019 -
Author:
Shore Capital Research Team -
Pages:
13
Northbridge’s equipment rental unit in Australia, which was the earliest unit to suffer from the oil market turndown, was the main contributor to a 5% recovery in group revenues and a 44% rise in EBITDA in FY 2018, described as a “watershed” year. The high depreciation charge meant there was a £2.0m loss before tax and exceptionals, in line with our estimate and less than half of the prior year deficit. “Further good progress” for the oil and electrical too