Key points

The Company has in place a set of key performance indicators (“KPIs”) to enable us to measure performance through the success of our strategy.

Our products and services

Northbridge is focused on the sales and hire of specialist industrial equipment on a global basis for use in critical applications in the oil and gas, shipping, construction, and power and utility sectors.
 

We supply:
Northbridge is the largest designer, manufacturer, supplier and renter of specialist loadbanks and transformers in the world.

Loadbanks are primarily used for the commissioning and maintenance of independent power sources and systems such as diesel generators and gas turbines.

We supply:
Specialist hire of containerised transformers and switchgear and temporary packaged substations globally.

Provides medium and low voltage transformers at various capacities with voltages from 230v to 36,000v. Providing step-up and step-down capabilities.

We supply:
Over 4,000 different products to the onshore and offshore oil and gas industry.

Well positioned in Australia, New Zealand and the Middle East to meet demand when it increases.

Our locations

Operating through six major international hubs with a worldwide support network of depots and agents we are able to service the global demand for our products.

Strengths of Northbridge

  • Exposure to strong global end markets with blue-chip clients

  • Organic and acquisitive growth potential

  • Geographic diversification with cross-selling potential

  • Substantial and specialised hire fleet

  • Significant cash generation

Our business and strategy

The main background for the Group during 2015 has been the collapse in the crude oil price and its impact on the Group’s revenues.
 

Our business model

NORTHBRIDGE INDUSTRIAL SERVICES PLC

  • Electrical testing and distribution equipment

  • Manufacturing and rental

  • MEAP region now trading from a single platform

  • Shared hire fleet

  • Involved in gas, oil and geothermal drilling

Our strategy

The Northbridge strategy is to consolidate and build its specialist industrial equipment businesses by:

1Driving growth organically through investing in the hire fleet, improving quality systems and customer service

2Using partnerships to increase geographical exposure

When considering further acquisitions, the main criteria will be:

3Involvement in specialist electrical services or in drilling tools

4Active in the oil and gas or power related industry

5Capable of supplying a worldwide customer base

Chairman and Chief Executive’s review

Both the core businesses of Crestchic and Tasman have good sustainable growth opportunities in the future when their markets recover to more normal dynamics.
 

Summary

  • Tasman’s revenue was £10.5 million (2014: £14.7 million), a decline of 28.4%, and Crestchic’s revenue was £22.8 million (2014: £28.6 million), a decline of 20.4%.

  • The Group incurred exceptional items during the year totalling £7.2 million (2014: £0.7 million). This was due to the costs of exiting non-core businesses, the sale of surplus assets, the impairment of intangible assets and the cost reduction exercise.

We are pleased to present our review of the Group’s trading performance for 2015.

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