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Northbridge Industrial books loss; eyes sale of drilling tools business
StockMarketWire.com
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Industrial services and rental company Northbridge Industrial Services swung to a full-year loss after it wrote down the value of its assets amid the pandemic.
Pre-tax losses for the year through December amounted to £7.8 million, compared to a year-on-year profit of £0.32 million.
The loss included a £7.8 million impairment of the company's Tasman division intangibles and other assets due to impact of Covid-19 on trading, which it said was unchanged from the interim report.
Pre-exceptional pre-tax profit edged up to £0.4 million, from £0.3 million, as revenue rose 1.1% to £34.0 million.
Northbridge said that, following a strategic review, advisors had been appointed to pursue the potential disposal of its Tasman drilling tools business.
'Following the strategic review of the group's activities, our decision to focus on Crestchic, our power reliability division, places Northbridge at an exciting point in its journey,' executive chairman Peter Harris said.
'We are focused on expanding both the traditional and emerging opportunities for the business by extending our presence in major geographies such as the US and continental Europe.'
'As Northbridge moves into the next financial year with record order books for sales of equipment and a strong pipeline, the board is confident that Northbridge is emerging from the pandemic as a leaner, more robust and better focused organisation.'
Story provided by StockMarketWire.com
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