Northbridge is facing the future with “great confidence”
Northbridge Industrial Services, the Burton-based industrial services and rental company revealed its revenue has increased by 20% to £29.5m.
The firm’s pre-exceptional profit before tax up sharply to £3.3 million (2020 £0.4 million).
It has been able to restructure its balance street through the partial redemption and partial conversion of Convertible Loan Note and also successfully exited from its Tasman Drilling Tools division with the sale of the Australian and New Zealand operations which was completed in February 2022
The company name is to be changed to Crestchic Plc, after the next AGM, to reflect a ‘refocused strategy’.
Peter Harris, the Executive Chairman, said: “At the start of 2021 we set out a new, strategic direction for the Group, focused on our Crestchic Power Reliability division. We set out a series of actions that we needed to take to restore the group to profitability and robust financial health.
“We also acted to reposition the group for sustained future growth, based on our proposition of providing mission-critical equipment into a niche market that is growing strongly, driven by global megatrends towards a digital economy and energy transition away from fossil fuels.
“I am pleased to report that our 2021 results demonstrate that we have been successful on all fronts. Following the successful exit from the bulk of the Tasman division, with our factory expansion nearing completion and with record orders books reflecting the vibrancy of our markets, we face the future with great confidence”.
