Northbridge Industrial Services PLC Agreement of bank covenants and appointment of CFO (4197J)
17 December 2015 - 10:15PM
UK Regulatory
TIDMNBI
RNS Number : 4197J
Northbridge Industrial Services PLC
17 December 2015
17 December 2015
Northbridge Industrial Services Plc
("Northbridge" or the "Group")
Agreement of revised bank covenants and appointment of CFO
Northbridge, the industrial services and rental company, is
pleased to announce that it has agreed revised covenants with its
banks, Royal Bank of Scotland Plc and KBC Bank NV, both of which
have been supportive during this process. Testing of the covenants
for the quarter ending 31 December 2015 has been waived and
quarterly testing of the new covenants will commence in respect of
the period ending 31 March 2016 and will continue to the end of the
loan period in May 2019. The new covenants take into account the
Group's previously announced current trading circumstances and
continuing positive cash flow.
The Board is also pleased to announce the appointment of Iwan
Phillips to the non-Board position of Chief Financial Officer (CFO)
with effect from 1st January 2016. Iwan joined the Northbridge
Group in 2010 from BDO and will continue as financial controller
and company secretary.
Current trading has not altered since Northbridge's last update
on 30 September 2015, with the oil and gas industry remaining
depressed, however the Group is pleased to note that the disposal
programme is now complete and all expected proceeds have been
received. This largely concludes the re-organisation,
rationalisation and cost cutting measures that began earlier in
2015. Our pre-close statement, which we expect to release as usual
during the week commencing 1 February 2016, will include an update
on both current trading and the underlying market conditions
affecting the industries that we serve.
For further information
Northbridge Industrial Services plc 01283 531645
Eric Hook, Chief Executive Officer
Westhouse Securities Limited (Nominated Adviser and Broker) 020
7601 6100
Robert Finlay/Antonio Bossi /Henry Willcocks
Buchanan Communications 020 7466 5000
Charles Ryland / Stephanie Watson
About Northbridge:
Northbridge Industrial Services plc hires and sells specialist
industrial equipment. With offices or agents in the UK, USA, Dubai,
Belgium, Germany, France, Australia, New Zealand, Singapore, China,
Brazil and South Korea, Northbridge has a global customer base.
This includes utility companies, the oil and gas sector, shipping,
banking, mining, construction and the public sector. The product
range includes loadbanks, transformers, and oil tools. Northbridge
was admitted to AIM in 2006 since when it has recorded increased
earnings and dividends based on providing a high level of service,
responsiveness and flexibility to customers. It has grown by the
acquisition of companies in the UK, Dubai, Australia, Belgium and
Singapore and through investing further in those acquired companies
to make them more successful. Northbridge continues to seek
suitable businesses for acquisition across the world.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCTRBBTMBBBBMA
(END) Dow Jones Newswires
December 17, 2015 06:15 ET (11:15 GMT)
Crestchic (LSE:LOAD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Crestchic (LSE:LOAD)
Historical Stock Chart
From Jul 2023 to Jul 2024
