Northbridge Industrial Services (NBI) says the new loadbank production facility in Burton on Trent, which will increase annualised production capacity by 60%, has now been completed.

The power reliability company says the new facility will enable Northbridge to meet the current strong levels of customer demand, as well as future proofing operational capacity as the business builds on its c.10% global market share of the expanding power reliability market.  

The production facility, which was expanded and completed both on budget and on time, has created around 20 new jobs for the local economy and, with all additional employees already recruited and trained, the facility will start production in June 2022 as planned, it explained.

As outlined at the Capital Markets Event in March 2022, the 1,200m2 manufacturing site is expected to complement existing facilities which support equipment sales and rentals across the firm’s major international hubs in the UK, Europe, the US, the Middle East and APAC. 

Northbirgde said the development of the production facility follows “a transformational 18 months” and reflects the future direction of its core business, Crestchic, which focuses on power reliability to benefit from the global mega trends in data and energy transition. 

Conditional on shareholder approval, Northbridge Industrial Services intends to change its name to Crestchic Plc, at its upcoming AGM on 9 June 2022 to reflect this shifting focus.

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Back in March 2022, Northbvridge said a final dividend for 2021 of 1.0 pence per share will be proposed at the company’s Annual General Meeting to be held on 9 June 2022. Subject to shareholder approval, the dividend will then be paid on the 16 June 2022 to shareholders.

The activities of the Group will now be focused on its Crestchic power reliability division and, in recognition of this repositioning, a resolution will be put forward at the AGM to rename the Group to Crestchic Plc. The company added that the TIDM ‘LOAD’ has now been reserved.

Meanwhile, in a recent update on its trading, the company confirmed that the positive start to the 2022 financial year - as noted on 18 February 2022 - had continued further into 2022.

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