Northbridge (AIM:NBI) trading at close to tangible net asset value
Interim results from industrial services and rental company highlight the very tough market environment. This is yet another one that could offer material upside when energy markets settle down but for the time being it looks very tough
Group revenue for the 6 months ending June 2015 was down 12.3% to £18.6m with the pre-exceptional operating loss £0.3m and reported loss £2m. The net loss of £2m saw an operating cash inflow of £3.3m and a net hire fleet investment of £1.5m. It’s interesting to note that this is a similar net hire fleet investment to that incurred by the much larger and more profitable Andrews Sykes Group which we also covered in our Blog today. The Group incurred exceptional costs of £1.5m but perhaps surprisingly there was no impairment of assets with property, plant and equipment of…