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Northbridge - trading in line statement pushes the broker to lift their target price

28/01/2011 · Northbridge Industrial services (NBI) 

The industrial services and rental company issued a trading statement in advance of its preliminary results for the year ended 31 December 2010 confirming that it expected earnings for the year ended 31 December 2010 to be in line with market expectations.

Consensus expectations are currently for pre-tax profit of £3.8m and earnings per share of 23.71p.

The Group’s trading has continued to strengthen in the majority of its markets and the second half of the year has seen activity levels increase as expected. New acquisition Tasman Oil Tools, will apparently make a ‘significant contribution to the Group’s results for the full year’.

They have started 2011 with a much larger hire fleet and greater geographical coverage following the investment made in 2010. Rental demand remains robust, and product sales enquiries (though not orders) have increased compared with this time last year.

The house broker has raised their target price to 275p on the back of the announcement, although I’m not sure why. This compares with the current price of 218.5p.
It’s a nice little business and all eyes will be on the success of the Tasman acquisition

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