# Northbridge Industrial ahead of expectations and accelerating further

- Link: https://www.directorstalkinterviews.com/northbridge-industrial-ahead-of-expectations-and-accelerating-further/4121067836
- Published: 2022-06-09T07:06:10+01:00
- Author: Giles

**Northbridge Industrial Services Plc** ([LON:NBI](https://www.directorstalkinterviews.com/company/crestchic/load.l)),
the power reliability company, today issued the following trading update, ahead 
of its Annual General Meeting which will be held today at 12.00 noon at the offices
of Buchanan Communications, 107 Cheapside, London EC2V 6DN. A resolution will be
proposed at the AGM to change the name of the company to Crestchic Plc, to reflect
the Group’s strategic focus on its key brand in the growing global power reliability
market.

**AGM Trading Update**

As previously noted at the time of the announcement of the results for the year 
ended 31 December 2021, trading during the first quarter was ahead of management’s
expectations and this has accelerated further into the second quarter. Along with
the strong trading already seen in the first half, the pipeline for both rental 
and sales is building well for the remainder of the year. As a result, the Group
is trading ahead of upgraded expectations and visibility for the remainder of 2022
is now such that the Group is increasing its outlook for the year as a whole.

The UK factory expansion has now been completed on budget and schedule and production
has already begun, which will enable the Company to meet the continued strong demand
it is experiencing both for sales and rentals of power reliability equipment. The
new facility will be officially opened on 6 July and details on how to attend the
opening ceremony are provided below.

The new depots in Texas and Antwerp are now open and form a key part of our strategy
to grow recurring revenues in North America and Europe.

All market sectors continue to perform strongly and, in particular, the Group is
continuing to invest in and benefit from servicing the high levels of data centre
activity around the globe.

Increased production output and price rises have enabled the Group to maintain margins
and further improve our return on investment, despite accelerating inflation and
continuing supply chain challenges resulting from both the pandemic and the situation
in the Ukraine.

Strong cash flow from operations and the proceeds from the Tasman disposal have 
enabled the Group to repurchase Company shares via a share buyback programme of,
in aggregate, 1.05 million shares at an average price of 176.7 pence per share to
be held in treasury to satisfy the potential awards under the LTIP. The disposal
of the final Tasman business in the Middle East remains on schedule to be completed
in the summer.

A dividend of 1.0 pence per share, subject to approval at the AGM, will be paid 
on the 16 June 2022 to shareholders who were on the register on 27 May 2022.

We remain very confident in our strategy, the strength of our markets and our prospects
for continued growth as we step forward as Crestchic Plc.

**Site visit**

A formal opening ceremony for the new production facility will take place on Wednesday
6 July 2022 and Northbridge Industrial would like to invite institutional investors
and sell side analysts to attend the event in Burton. It will be hosted by senior
members of the executive and management teams, and the ceremony will be followed
by a brief Group strategy presentation and smaller group tours of the new and existing
facilities.

Please RSVP to [georgec@buchanan.uk.com](https://www.directorstalkinterviews.com/northbridge-industrial-ahead-of-expectations-and-accelerating-further/georgec@buchanan.uk.com)
to receive details for the event and to be added to the attendee list.

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