Announcement • Feb 16
Cancellation of Admission to Trading of Crestchic Shares on AIM Is Expected on 23 February 2023 On 8 December 2022, the boards of Aggreko and Crestchic Plc announced that they had reached agreement on the terms and conditions of a recommended cash offer pursuant to which Aggreko will acquire the entire issued and to be issued ordinary share capital of Crestchic (the "Acquisition"). The Acquisition is to be implemented by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme"). Full details of the Acquisition were sent to the shareholders of Crestchic in the circular dated 22 December 2022 (the "Scheme Document"). The Court Sanction Hearing, at which the Court will be asked to sanction the Scheme, is expected to take place on 20 February 2023. Subject to the Scheme receiving the sanction of the Court and the delivery of a copy of the Court Order to the Registrar of Companies, the Scheme is expected to become effective on 22 February 2023. Last day of dealings in, and for the registration of transfers of, and disablement in CREST of, Crestchic Shares is expected on 21 February 2023. Suspension of listing of, and dealings in, Crestchic Shares on AIM 7:30 a.m. on 22 February 2023. Cancellation of admission to trading of Crestchic Shares on AIM is expected on 7:00 a.m. on 23 February 2023. Announcement • Dec 11
Aggreko Limited entered into scheme of arrangement to acquire Crestchic Plc (AIM:LOAD) from consortium of sellers for approximately £122 million. Aggreko Limited entered into scheme of arrangement to acquire Crestchic Plc (AIM:LOAD) from consortium of sellers for approximately £122 million on December 8, 2022. Aggreko Limited will acquire 29.64921 Ordinary Shares at a price of each 401 pence in cash. The transaction is to be affected by scheme of arrangement. Aggreko has obtained irrevocable equity commitment letters from its shareholders, I Squared and TDR to finance the entire consideration payable pursuant to the terms of the Offer. The transaction is to be affected by scheme of arrangement. Directors and Aggreko limited of Crestchic Plc has received irrevocable undertakings from certain of the Crestchic Shareholders. Court Meeting and the General Meeting will be held on or around February 6, 2023. Scheme will become effective on or around February 15, 2023. John Craven, Angus Grierson and Paul Baines of Smith Square Partners and Shore Capital acted as financial advisor to Crestchic Plc. Hadleigh Beals and Alexander Gill of Centerview Partners UK LLP acted as financial adviser to Aggreko. Announcement • Dec 09
Crestchic Will Apply to the London Stock Exchange for the Cancellation of Trading in the Ordinary Shares on AIM The boards of Aggreko and Crestchic Plc announced that they have reached agreement on the terms and conditions of a recommended cash offer to be made by Aggreko for the entire issued and to be issued ordinary share capital of Crestchic. The Offer is to be effected by means of a scheme of arrangement under Part 26 of the Companies Act between Crestchic and Crestchic Shareholders. Prior to the Scheme becoming effective, Crestchic will apply to the London Stock Exchange for the cancellation of trading in the Ordinary Shares on AIM to take effect on and from or shortly after the Effective Date. The last day of dealings in the Ordinary Shares is expected to be the Business Day immediately prior to the Scheme becoming effective. On the Effective Date, share certificates in respect of Ordinary Shares will cease to be valid and entitlements to Ordinary Shares held within the CREST system will be cancelled or transferred. It is also proposed that, following the Effective Date and after the Crestchic Shares are delisted, Crestchic shall be re-registered as a private company under the relevant provision of the Companies Act. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 15% share price gain to UK£3.28, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 15x in the Electrical industry in the United Kingdom. Total returns to shareholders of 158% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£2.04 per share. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Senior Independent Director Stephen Yapp was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 16% share price gain to UK£2.88, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 18x in the Electrical industry in Europe. Total returns to shareholders of 128% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£2.03 per share. Upcoming Dividend • Oct 06
Upcoming dividend of UK£0.013 per share Eligible shareholders must have bought the stock before 13 October 2022. Payment date: 03 November 2022. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of British dividend payers (6.0%). Lower than average of industry peers (2.7%). Major Estimate Revision • Oct 06
Consensus EPS estimates increase by 26% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from UK£41.1m to UK£44.2m. EPS estimate increased from UK£0.20 to UK£0.25 per share. Net income forecast to grow 57% next year vs 19% growth forecast for Electrical industry in the United Kingdom. Consensus price target up from UK£2.79 to UK£3.48. Share price was steady at UK£2.75 over the past week. Reported Earnings • Sep 30
First half 2022 earnings released: EPS: UK£0.11 (vs UK£0.003 in 1H 2021) First half 2022 results: EPS: UK£0.11 (up from UK£0.003 in 1H 2021). Revenue: UK£21.3m (up 8.9% from 1H 2021). Net income: UK£3.27m (up UK£3.19m from 1H 2021). Profit margin: 15% (up from 0.4% in 1H 2021). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Electrical industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Announcement • Sep 29
Crestchic Plc Announces Declaration of Interim Dividend in Respect of the Year to 31 December 2022, Payable on 3 November 2022 Crestchic Plc announced the declaration of an interim dividend of 1.33 pence per share in respect of the year to 31 December 2022, which will be paid on 3 November 2022 to shareholders on the register on 14 October 2022. The ex-dividend date will be 13 October 2022. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improved over the past week After last week's 31% share price gain to UK£2.57, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 19x in the Electrical industry in Europe. Total returns to shareholders of 95% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£2.26 per share. Major Estimate Revision • Aug 10
Consensus EPS estimates increase by 21% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from UK£37.7m to UK£39.9m. EPS estimate increased from UK£0.14 to UK£0.17 per share. Net income forecast to grow 181% next year vs 16% growth forecast for Electrical industry in the United Kingdom. Consensus price target up from UK£2.40 to UK£2.79. Share price rose 30% to UK£2.63 over the past week. Major Estimate Revision • Jun 10
Consensus EPS estimates increase by 18% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from UK£34.7m to UK£37.7m. EPS estimate increased from UK£0.12 to UK£0.14 per share. Net income forecast to grow 124% next year vs 69% growth forecast for Electrical industry in the United Kingdom. Consensus price target up from UK£2.00 to UK£2.40. Share price rose 7.3% to UK£2.07 over the past week. Price Target Changed • Jun 09
Price target increased to UK£2.40 Up from UK£1.90, the current price target is an average from 3 analysts. New target price is 15% above last closing price of UK£2.08. Stock is up 76% over the past year. The company is forecast to post earnings per share of UK£0.12 for next year compared to UK£0.066 last year. Announcement • Jun 09
Northbridge Industrial Services plc Proposes Dividend, Payable on 16 June 2022 Northbridge Industrial Services plc announced the dividend of 1.0 pence per share, subject to approval at the AGM to be held on June 9, 2022, will be paid on the 16 June 2022 to shareholders who were on the register on 27 May 2022. Upcoming Dividend • May 19
Upcoming dividend of UK£0.01 per share Eligible shareholders must have bought the stock before 26 May 2022. Payment date: 16 June 2022. Trailing yield: 0.5%. Lower than top quartile of British dividend payers (4.8%). Lower than average of industry peers (2.2%). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Senior Independent Director Stephen Yapp was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 13
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: UK£0.065 (up from UK£0.27 loss in FY 2020). Revenue: UK£29.5m (down 13% from FY 2020). Net income: UK£1.87m (up UK£9.38m from FY 2020). Profit margin: 6.4% (up from net loss in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 344%. Over the next year, revenue is forecast to grow 15%, compared to a 209% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Board Change • Feb 24
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Senior Independent Director Stephen Yapp was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 14
Northbridge Industrial Services Provides an Update on Divisional Sale Northbridge Industrial Services plc (AIM:NBI) announced on September 30, 2021 that the Group was at an advanced stage of exiting Tasman, its oil drilling rental tools division, in Malaysia and Singapore, was in exclusive discussions to sell the operations in Australia and New Zealand and was in early discussions regarding its Tasman entities in the Middle East. The exit from Malaysia and Singapore is now finalised and the exclusive discussions on the sale of the Australian and New Zealand entities are progressing. The Board hopes to be able to give a more detailed update on this disposal within the next few weeks. Discussions on the Middle East disposal remain on hold pending the outcome of the disposal of the businesses in Australia and New Zealand. Breakeven Date Change • Dec 31
Forecast breakeven date pushed back to 2022 The 3 analysts covering Northbridge Industrial Services previously expected the company to break even in 2021. New consensus forecast suggests the company will make a profit of UK£3.23m in 2022. Average annual earnings growth of 61% is required to achieve expected profit on schedule. Reported Earnings • Oct 03
First half 2021 earnings released: EPS UK£0.003 (vs UK£0.26 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: UK£19.6m (up 23% from 1H 2020). Net income: UK£77.0k (up UK£7.37m from 1H 2020). Profit margin: 0.4% (up from net loss in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Price Target Changed • Sep 30
Price target increased to UK£1.90 Up from UK£1.40, the current price target is an average from 3 analysts. New target price is 11% above last closing price of UK£1.71. Stock is up 112% over the past year. Announcement • Jun 15
Northbridge Industrial Services plc Reaffirms Earnings Guidance for the Full Year 2021 Northbridge Industrial Services plc reaffirmed earnings guidance for the full year 2021. Overall, the Group's half year revenue will be significantly ahead of 2020 and the Group remains firmly on course to meet full year management expectations. Reported Earnings • Apr 15
Full year 2020 earnings released: UK£0.27 loss per share (vs UK£0.008 loss in FY 2019) The company reported a soft full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: UK£34.0m (up 1.1% from FY 2019). Net loss: UK£7.51m (loss widened UK£7.28m from FY 2019). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Apr 15
Northbridge Industrial Services plc Provides Earnings Guidance for the First Quarter of 2021, First Half of 2021 and Remainder of the Year 2021 Northbridge Industrial Services plc provided earnings guidance for the first quarter of 2021, first half of 2021 and remainder of the year 2021. In the first quarter of the year the Group performed in line with management's expectations.
The company expects profit for the first half to be ahead of 2020 and for this to continue during the second half of the year.
The company expects growth in revenues and profit over the remainder of the year. Announcement • Mar 13
Northbridge Industrial Services plc Announces Board Changes Northbridge Industrial Services plc announced the retirement of Eric Hook, CEO and founder of Northbridge, who will step down from the Board on 31 March 2021. He will continue as a strategic advisor to the Board and his expertise will be called upon as required. He plans to remain a significant shareholder in the Company. Following Eric's retirement, Peter Harris, Chairman, will become Executive Chairman and the executive directors of both the Northbridge divisions will report directly into him, (Chris Caldwell for Crestchic, and Ian Gardner for Tasman), as will Iwan Phillips, Finance Director. It is intended that, subject to completing the requisite regulatory checks, Chris Caldwell, Managing Director of the Crestchic division, will be promoted to the Board from the same date. A further announcement will be made in due course. Chris has managed the Crestchic business since 2013 carefully overseeing its considerable growth during that time, and he has been attending Board meetings for the last three years. Stephen Yapp, non-executive director, who joined the board in July 2020, becomes Senior Independent Director immediately, a newly created role to provide a counterbalance to the role of Executive Chairman. Also stepping down from the Board is Ash Mehta, non-executive director and Chair of the Audit Committee. He will leave the Board following completion of the 2020 audit once the Annual Report is approved at the Annual General Meeting in May. Ash has been a director of the Company for fourteen years, in several capacities, and the Board is immensely grateful for his contribution to the success of the Group. Judith Aldersey-Williams, who joined the Board and the Audit Committee in January 2019 and already has responsibility for Corporate Social Responsibility and Risk Governance, will take up the role of Chair of the Audit Committee. Announcement • Feb 09
Northbridge Industrial Services plc to Report Fiscal Year 2020 Results on Apr 13, 2021 Northbridge Industrial Services plc announced that they will report fiscal year 2020 results on Apr 13, 2021 Is New 90 Day High Low • Jan 04
New 90-day high: UK£1.09 The company is up 39% from its price of UK£0.79 on 06 October 2020. The British market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electrical industry, which is up 52% over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: UK£0.90 The company is up 7.0% from its price of UK£0.84 on 18 September 2020. The British market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 43% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£3.11 per share. Is New 90 Day High Low • Nov 06
New 90-day low: UK£0.67 The company is down 26% from its price of UK£0.90 on 07 August 2020. The British market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£2.57 per share. Is New 90 Day High Low • Oct 16
New 90-day low: UK£0.70 The company is down 23% from its price of UK£0.91 on 17 July 2020. The British market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£1.52 per share. Reported Earnings • Oct 01
First half earnings released Over the last 12 months the company has reported total losses of UK£7.83m, with losses widening by UK£6.78m from the prior year. Total revenue was UK£32.8m over the last 12 months, up 5.6% from the prior year. Is New 90 Day High Low • Sep 30
New 90-day low: UK£0.81 The company is down 2.0% from its price of UK£0.83 on 02 July 2020. The British market is down 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electrical industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£1.01 per share. Announcement • Sep 25
Northbridge Industrial Services Plc acquired Loadbank Hire Services from TGC International Limited for £0.9 million, excluding any acquisition costs. Northbridge Industrial Services Plc acquired Loadbank Hire Services from TGC International Limited on March 23, 2007 for a reported consideration of approximately £0.9 million, excluding any acquisition costs. Out of the total consideration payable in cash, Northbridge Industrial agreed to pay £0.54 million as initial consideration and remaining paid in installments of £0.09 million payable in each quarter for 12 months. The transaction is expected to make a positive contribution to profits in 2007.
Northbridge Industrial Services Plc completed the acquisition of Loadbank Hire Services from TGC International Limited on March 23, 2007. Announcement • Aug 12
Northbridge Industrial Services plc to Report First Half, 2020 Results on Sep 30, 2020 Northbridge Industrial Services plc announced that they will report first half, 2020 results on Sep 30, 2020