Northbridge Industrial Services interim revenues grow 22%

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16:50 21/02/23

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Industrial equipment provider Northbridge Industrial Services said on Wednesday that revenues had grown 22% in the six months ended 30 June to £19.6m.

Northbridge stated it had managed to maintain the "encouraging start" it made to the year, with interim revenues and pre-exceptional pre-tax profits both coming in "significantly ahead" of 2020 levels and management expectations.

The AIM-listed firm said hire revenue was up by 28% and sales and service revenue were 14% higher. As a result of the shift in revenue mix towards hire, the group's overall gross margin was also higher than in 2020.

Operating costs were expected to have increased, while net debt was said to have been "significantly reduced".

As of 1030 BST, Northbridge shares were up 5.26% to 110.0p.