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Northbridge Industrial Services says 'recovery in sight' as losses narrow

By BFN News | 09:35 AM | Thursday 12 April, 2018


Northbridge Industrial Services reported Thursday a narrower pre-tax loss of £4.4m in the year to end of the December, compared with a pre-tax loss of £5.5m the previous year amid improved oil prices. 'During 2017 we saw a stabilisation in our oil tool revenues albeit at a very low level, as actions taken by the producer nations have largely eliminated crude oil surpluses, the firm said. The firm said it expects that higher oil prices will boost investment in exploration and production, benefiting both its Tasman Oil Tools and Crestchic Loadbanks businesses. Group revenue rose 7.9% to £25.7m from £23.8m, while cash generated from operations rose 48.5% to £2.6m. EBITDA fell to £3.2m from £3.4m, while net debt fell by £0.8m to £8.7m, compared with £9.5m the previous year. Tangible net assets fell to £22.9m from £27.7m. 'After an unprecedented three very difficult years in the oil and gas industry, which have adversely affected both parts of our business, we now believe that a recovery is in sight,' said Eric Hook, Chief Executive Officer. 'Since the year end we have also re-organised and simplified our debt structure by issuing £4.0 million of loan notes. The issue of the loan notes diversifies our funding sources and has enabled us to consolidate our future bank funding solely with RBS our existing UK lead bank whilst allowing the group to fully repay KBC Bank who were previously party to the joint banking facility.' At 9:35am: (LON:NBI) Northbridge Industrial Services PLC share price was -1.5p at 118.5p Story provided by StockMarketWire.com

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