Northbridge Industrial (AIM:NBI) – a truly awful update!
The industrial services and rental company has issued a terrible trading update which serves to highlight the poor timing of its purchase of an oil tools company – management was totally bonkers to proceed with this at a time when oil and gas markets were already suffering!
Today’s update confirms what was already anticipated by many, that they see no reliable signs of any upturn in the oil & gas related rental revenue for the rest of 2015.
The Group’s Crestchic loadbank operations in Singapore and Dubai, and Tasman Oil Tools in Australia are the businesses most affected by this downturn. The loadbank business in Singapore and Dubai focuses on larger projects being carried out in shipyards and in other oil…
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