Northbridge Industrial Services - news of an unexpected impairment but trading remains in good shape
The pre-close trading statement drew attention to an unexpected impairment, although pre-this exceptional item trading remains in line – consensus eps for 2011 25.05p with a projected dividend of 4.99p
Profits for the year ended 31 December 2011 are expected to be in line with market expectations and trading has remained robust in the majority of the Group’s markets. As a result the house broker isn’t making any changes to their £4.7m adjusted PBT forecast for 2011 and no changes to their adjusted PBT forecasts for 2012 (£6.2m) and 2013. Tasman Oil Tools (acquired in July 2010) is now fully integrated into the Group and has performed in line with management’s expectations. In addition, it is anticipated that the acquisitions of Loadcell Services and DSG Rental, announced on 13 December…