The trading updates continue to improve from Northbridge. The pre-close report in February highlighted Crestchic’s largest ever New Year order book in manufacturing, while June’s AGM statement suggested that the recovery during the first five months of the year had been led by hire. In today’s statement, management says that trading ‘is very much improved’ y-o-y, with the recovery in rig count within energy markets resulting in higher activity levels, particularly in hire and across both divisions. As a result, management is confident of achieving FY19 expectations. We find this confidence most encouraging in view of the short-term nature of the hire activity of both divisions.
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Resilient recovery
- Published:
02 Aug 2019 -
Author:
David O’Brien -
Pages:
4
The trading updates continue to improve from Northbridge. The pre-close report in February highlighted Crestchic’s largest ever New Year order book in manufacturing, while June’s AGM statement suggested that the recovery during the first five months of the year had been led by hire. In today’s statement, management says that trading ‘is very much improved’ y-o-y, with the recovery in rig count within energy markets resulting in higher activity levels, particularly in hire and across both divisions. As a result, management is confident of achieving FY19 expectations. We find this confidence most encouraging in view of the short-term nature of the hire activity of both divisions.