Capital Markets Event maps out exciting future
Northbridge has set out its detailed plans for expanding the Crestchic business:• investment in new rental hubs,
• widening the geographical and sector reach,
• focus on the fastest growing/ non-cyclical sectors, the opening of the new factory,
• and growth in parts and service revenues.
All investment required will be funded from their existing facility with limited debt on the balance sheet. We think the outlook looks very promising, as highlighted by the return of dividend payments for FY21.
Throughout the changes, Crestchic performed strongly, aided by strong growth in both manufactured sales and significantly higher margin hire revenues.
The presentation reinforces our long-held view that the outlook for Crestchic is an exciting one and our forecasts remain as detailed in the recent note (21 Feb) with a current fair value of 189p/share.
Northbridge Industrial Services is engaged in the sales and hire of industrial equipment on a global basis for use in applications in the oil and gas, shipping, construction, and power and utility sectors. Co. has two main reportable segments: Crestchic loadbanks and transformers, which is involved in the manufacture, hire and sale of loadbanks and transformers; and Tasman oil tools and loadcells, which is involved in the hire and sale of oil tools and loadcells.
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