StockMarketWire.com - Industrial services and rental group Northbridge Industrial Services said it expected to post a broadly flat first-half trading profit after lower revenue was offset by cost cutting.
Revenue for the six months through June fell 4.8%, which the company said represented a resilient performance during the pandemic.
The revenue mix between sales and rental and the Crestchic and Tasman divisions 'fluctuated widely', it added, as the various pandemic responses worked through regional networks.
Northbridge said the decrease in revenue would be mostly offset by a reduction in operating costs and around £0.2m and various government support.
'We expect the overall trading result for the first six months of 2020 to be similar to the same period in 2019,' it said.
The company said its manufacturing site in the UK successfully maintained production and deliveries, with orders for the sale of loadbanks remaining at record levels.
Rental operations were, however, were affected by a lack of access to customer sites, border closures, quarantine regulations, and the lack of rig crews because of international travel bans.
'Towards the end of the second quarter Northbridge experienced the beginning of a return of some rental volumes, particularly in Crestchic power reliability work,' it added.
Story provided by StockMarketWire.com
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