Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Wheres this going? Avis interest?
13% drop on publication of 4 month trading must hurt. they are shedding vehicles but the debt is still huge and margins must be suffering in this cut throat business. their problem is that depreciation continues to eat into revenue when wheels are not turning. Their major clients in the UK are utilities who are refurbishing their supply systems but have cut back on lease vehicles from Northgate.
Northgate: Jefferies raises target price from 290p to 310p and keeps its buy recommendation.
Northgate: Panmure Gordon downgrades from hold to sell and keeps its target price at 230p. Numis downgrades to add, while maintaining its target price at 300p.
where are those rumours?
http://www.thetimes.co.uk/tto/business/markets/article3572896.ece he stock market’s racier investors wondered whether to back up the lorry and load up with Northgate shares. They heard insistent whispers that the company that rents White Van Man his vehicles had caught the attention of a serious potential buyer. Avis, the American car hire group with a big European operation, is rumoured to have been running the numbers on Northgate for six months or more and to have already indicated that it may be prepared to offer somewhere approaching 400p for shares another 1¾p higher at 254¾p yesterday and nearly two thirds dearer than in June.
Also avia might bid £ 4 a share? Whatever,, something's up
Rumours on Adfvn that Northgate (and a US company) might make a bid for Helphire (just vague rumours atm but note sp movement)
commercial vehicle hire company Northgate said despite economic headwinds affecting both its UK and Spanish businesses, it continues to trade in line with company expectations. In the UK, vehicle utilisation in the period to September 18th averaged at 89%, in line with that experienced in the year ended April 30th 2012. Vehicles on hire fell from 46,400 at April 30th 2012 to 44,800 at September 18th 2012, a decrease of 1,600 units compared to a fall of 2,400 in the same period last year. There was also a reduction in fleet size of 2,000 since April 30th 2012 to 50,900. Hire revenue per rented vehicle has remained stable since the beginning of the financial year, it said. The used vehicle market remains strong, with residual values in line with those experienced in the year ended April 30th 2012, the group explained. In Spain, vehicle utilisation in the period to September 18th averaged at 90%, in line with that experienced in the year ended April 30th 2012. Vehicles on hire in Spain have remained stable since April 30th 2012, with 34,000 at September 18th 2012. Hire revenue per rented vehicle fell by 2% over the period. The fleet size reduced by 700 since April 30th 2012 to 37,700. "Since the year end, the used vehicle market in Spain has remained strong, with improved residual values per vehicle compared to the previous financial year," Northgate said. Net debt and gearing continue to fall.
Commercial vehicle hiring firm Northgate has enjoyed a good run since it resumed dividend payments, back in June. Peel Hunt thinks the focus of Wednesday's results will be on the movements in fleet positions and hire rates.
Jefferies maintained a “Buy” rating on the stock, with a target price of 290.00p
Northgate plc is a rental business - not aleasing business - all their business is rental - a big difference and in these times of hard to obtain credit they hire as there is not long term commitment - its now time to expand and not shrink anymore - sales sales and more sales Northgate big growth came in the early 90s when we last had bad times!!
Northgate, the commercial vehicle leasing firm, gets the once over from Tempus in the Times. The column is sympathetic to Northgate’s strategy of bringing all its competing brands under the one name, the trouble is, one third of the company’s business is conducted in Spain, where things are very difficult indeed. Despite this Northgate did manage to announce a dividend of 3p per share and a solid rise in pre-tax profits. But with commercial leasing a pretty good proxy for the economy as a whole the shares won’t be going anywhere fast, thinks Tempus.
N+1 Brewin retained its "buy" recommendation for Northgate (NTG), but with a reduced target price of 290p from 320p. The van rental company is continuing to reduce the size of its fleet to compensate for the weaker UK and Spanish markets, and the broker believes this will lead to increased cash flow, and rapid debt reduction. The broker forecasts a net debt reduction of 134 million pounds in the 2012 financial year to 395 million pounds, falling to 325 million pounds in 2013. The shares declined by 4.9p to 198.9p.
Shares in Northgate (NTG) crumbled 17.7p to 220.5p after the van rental company announced a 7.6% year-on-year fall in the number of vehicles on hire in the UK over the six months ended 29th February 2012. The group saw similar trends in Spain, with the number of vehicles on hire falling dropping 13.5% to 33,400. The group attributed the poor results to the economic climate, reducing the business activity of its clients and warned that the trend was likely to continue into the next financial year.
Light commercial vehicle hire firm Northgate continues to trade in line with expectations, despite tough economic conditions in the UK and Spain. In the UK, vehicle utilisation in the four months to 31 August 2011 has averaged 90%, with the month of August averaging 91%, a steady improvement from 89% in the month of April 2011. In Spain, utilisation rates averaged over 91% in the four months to 31 August 2011, a 1% improvement on the same period last year.
UBS has upgraded commercial vehicle hire company Northgate from sell to neutral after increasing its earnings forecasts for the next three years.
It is a balancing of the books on the days trades so should not be taken into consideration....................
What is an uncrossing trade... im pretty new to all this?
£148k was an uncrossing trade
The large transactions from close to the bell yesterday went through as sells over 331p. At no point in the day was the mid even at that amount... so the £148k and £54k were actually buys.
Northgate is the largest hirer of light commercial vehicles to British retailers, wholesalers, distributors and construction and maintenance folk. In the 12 months to the end of April 2008 — the height of the boom before the fall — Northgate on average had 91% of its vans in a fleet of 68,600 vehicles in use every week. Two years later that rate had slipped and Northgate had brought its fleet down by about 8,000 vans. This year the numbers using Northgate white vans has barely shifted. But while total group revenues have fallen year on year to GBP537m, group pre-tax profits have leapt by 47 per cent to GBP53m. After an 80 per cent run-up in shares in the past 12 months, those investors not already aboard have missed the ride and, for now, there appears to be little, if any, upside left in the price, says the Times.
Ahead of final results on 30th June, Panmure Gordon reiterated its "sell" recommendation and 250p target price for commercial vehicle hire firm Northgate (NTG). According to the broker, the "strategic focus of the business continues to be based on enhancing the Group's ROCE through hire rate improvement and internal efficiencies" but this "will be difficult to maintain at this pace on a sustainable basis while also driving down debt." Consequently, Panmure believes "there are better opportunities elsewhere for geared recoveries on more attractive valuations."
Whats happening here??
Following the announcement of the group's debt re-financing package, Panmure Gordon maintained its "sell" rating for Northgate (NTG), the commercial vehicle hire company, with a 250p target price. While the debt re-financing should be taken well, as this removes some uncertainty, the broker continues to believe it will remain difficult to deliver ongoing debt reduction, hire rate growth and an improving return of capital employed on a sustainable basis. Concerns over Spain are likely to persist, Panmure added, while the residual market will remain fragile from here. Northgate shares rose 1.5p to 332p.