Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Northgate upbeat on ‘period of reset’, lifts first half revenues

Kevin Bradshaw, Northgate chief executive, described it as a “period of reset” as the company announced it would increase the interim dividend by 7% to 6.1p per share
van, commercial vehicle
The full-year performance is expected to be "skewed towards the second half"

Commercial vehicle hire firm Northgate Plc (LON:NTG) has reported a 10% rise in revenue to £349.7mln, though much of increase was driven by vehicle sales.

Northgate made a pre-tax profit of £31mln for the six months ended October 31 and included a £3.1mln hit related to vehicle depreciation rates, down from £40mln in the same period of the previous year.

Laying foundations

Kevin Bradshaw, Northgate chief executive, described it as a “period of reset” as the company announced it would increase the interim dividend by 7% to 6.1p per share.

He also explained that the company is expecting its full-year performance will be ‘skewed towards the second half’.

"This has been a period of reset as we lay the foundations to enable Northgate to deliver our strategy,” Bradford said.

“There are already signs of the strategy working with 6% growth in closing VOH, 60% of which has been driven by minimum term products.

“Our self help agenda in the UK remains firmly underway and Spain continues to outperform in its rental business justifying further investment as it accelerates its next phase of minimum term roll out.”

Bradshaw added: “I am confident we will see further benefits of the strategy and investment coming through in subsequent reporting periods, which will generate strong growth in value for our shareholders."

View full NTG profile View Profile

Northgate plc Timeline

Related Articles

container ship
October 16 2018
Xpediator Group is especially strong in eastern and central Europe
Avation
September 20 2018
Avation said its 2018 performance showed growth consistent with an increase in fleet assets and record high monthly lease rental collections

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use