After all the excitement of three days away in Derby and the huge Mello2014 event that so many of you attended and supported it is now back down to the simple company presentation and networking dinner format that was the basis for our popular Mello meetings. The next Mello Monday as promoted and listed on our website at www.mellomeeting.com is actually only two days away and I have an excellent company coming to present to us...
Northbridge Industrial Services (NBI)
Craig Robinson the FD at Northbridge is coming to SeaSalt to tell us all about their industrial services and rental company which announced its interim results to 30th June just a few weeks ago...
http://www.investegate.co.uk/northbridge-ind-serv--nbi-/rns/...
Highlights
• Group revenue up 13.8% to £21.2 million (2013: £18.6 million)
• Gross profit up 16.6% to £11.6 million (2013: £9.9 million)
• Operating profit up 27.6% to £3.6 million (2013: £2.8 million)
• Strong cash generation from operations before movements in working capital of £6.5 million (2013: £4.8 million)
· Continuing investment into hire fleet totaling £3.0 million
• Reduction in net gearing to 29.8% (31.5% at 31 December 2013)
• Significant increase in revenue from Middle East and Asia-Pacific businesses
• EPS up 17.5% to 14.8 pence per share (2013: 12.6 pence)
• Interim dividend increased by 10% to 2.2 pence (2013: 2.0 pence)
At the same time they also announced an acquisition and a placing which I am sure Craig will be keen to explain the rationale behind...
Acquisition & Placing
· The acquisition of Tasman Oil Tools Ltd and Tasman Oil Tools Leasing Ltd ("Tasman") and placing of 642,202 new Ordinary Shares in Northbridge to raise approximately £3.5 million before expenses, announced separately today
· Tasman, a New Zealand based independent renter of specialist drilling tools suitable for the oil, gas and geothermal industries
· The acquisition reunifies the Tasman brand in Australasia
· Builds on Northbridge's presence in Australasia and complements the existing oil tool rental portfolio
Northbridge is a very well run company in my opinion and I have held the shares for over five years and they were on a very low rating of seven times earnings which has now increased but the story just gets better and better...
Revenues and pre tax profit are increasing very steadily each year
2011 £24.9m & £2.9m
2012 £30.8m & £4.9m
2013 £37.6m & £6.6m
Forecast to reach...
2014 £43.8m & £7m
2015 £49.7m & £8.4m
Do let me know if you would like to come and…
