Northbridge Industrial Services (“Northbridge IS”) has issued a trading update covering the first five months of the year. Key points include an excellent y-oy uplift in Q1 revenues and resilient trading during April and May. Management acted early to reduce costs, while cash flow proved strong enabling investment within the business. The outlook for H2 appears positive, reflecting a catch-up on delayed orders at Crestchic and contracts at Tasman. The Group’s funding arrangements were extended by a further 12 months. Also, a new NED, Stephen Yapp, has been appointed to the Board. The shares remain at a significant discount to NAV and the valuation of its peers.
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Another encouraging update
- Published:
25 Jun 2020 -
Author:
David O’Brien -
Pages:
2
Northbridge Industrial Services (“Northbridge IS”) has issued a trading update covering the first five months of the year. Key points include an excellent y-oy uplift in Q1 revenues and resilient trading during April and May. Management acted early to reduce costs, while cash flow proved strong enabling investment within the business. The outlook for H2 appears positive, reflecting a catch-up on delayed orders at Crestchic and contracts at Tasman. The Group’s funding arrangements were extended by a further 12 months. Also, a new NED, Stephen Yapp, has been appointed to the Board. The shares remain at a significant discount to NAV and the valuation of its peers.