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Industrial services and rental group Northbridge Industrial Services upgraded annual guidance after its first-half profit beat expectations amid a 22% jump in revenue.
In a trading update, the company said revenue and pre-exceptional pre-tax profits for the six months through June were 'significantly ahead of 2020 and are now ahead of management's expectations'.
Revenue had risen to £19.6 million, up from £16 million year-on-year, with hire revenue up 28% and sales and service revenue up 14%.
'As a result of the shift in revenue mix towards hire, the gross margin is also higher than 2020,' Northbridge added.
Looking forward, the company said it could now confidently state that its Crestchic factory would be at capacity until the year end.
'Visibility on Crestchic rental projects is relatively good and is now into the beginning of the final quarter with revenues in the Middle East, Europe and the US set to continue to increase as the year progresses,' Northbridge said.
'The performance of Crestchic to date and its forward pipeline and momentum, along with a modest improvement for Tasman in the second half, has led to an increase in management's expectations for the group's performance for the full year.'