Northbridge made an H1 loss of £0.6m under “extremely difficult” conditions, which it believes will impact its results for this year and next. We have cut our estimates for FY2015 from a minimal profit to a loss of £1.5m and our initial impressions are that, in the absence of any improvement, the group will do well to break even in 2016, despite major cost savings. But this and its focus on cashflow should position it well for an eventual recovery, we believe. Our new ....