Losses widen at Burton industrial services firm
Burton-upon-Trent industrial services and rental company Northbridge has seen both its profits and revenues take a dive for the six months to 30 June.
Group revenue dropped by 36% from £18.6m in 2015 to £11.8m this year, whilst losses widened to £2.4m from £1.7m.
The company is blaming a decline in the oil and gas markets for the disappointing results.
Eric Hook, chief executive of Northbridge, said: “Whilst the decline in the oil and gas market continues to hold back the Group’s performance, we have taken quick and decisive action to reduce our operating costs and strengthen the balance sheet and we are now more optimistic about the longer term future”.
Northbridge has offices or agents in the UK, USA, Dubai, Belgium, Germany, France, Australia, New Zealand, Singapore, China, Brazil and South Korea.
