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Northgate posts small drop in first half profit but lifts dividend

Tue, 01st Dec 2015 07:20

(ShareCast News) - Northgate posted a slight decline in pre-tax profit for the first half, although it lifted its dividend and reiterated its expectations for the year.For the half year to the end of October, underlying pre-tax profit slipped to £45.9m from £47.8m in the same period last year, on revenue of £313.1m from £305m.The company pointed to a £2.4m adverse impact from the change in vehicle depreciation rates and a £1.9m adverse effect from the weakening euro.At constant currency, profit would have been £1.9m higher.The company, which specialises in light commercial vehicle hire, raised its interim dividend to 5.1p from 4.3p last year.Northgate said it was trading in line with its expectations overall, despite a mixed backdrop in the first six months of the year, with some weakness in UK vehicles on hire offset by a strong performance in Spain.Chief executive Bob Contreras said: "Our Spanish business continues to execute its market strategy well; leading to improved profitability and returns. We anticipate this continuing against the backdrop of an improving Spanish economy."There are opportunities for growth in the countries in which we operate and the group remains well positioned to deliver attractive returns to shareholders. There is no change in our expectations for the full year."
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30 Jun 2015 13:07

FTSE 250 movers: Home Retail group surges on upgrade, miners lower

Mid-caps continued to decline on Tuesday, as gains made in the real estate sector were offset by weakness from telecommunications, technology and mining stocks. As of 15:30 BST, the FTSE 250 was trading 0.3% lower at 17,586. Home Retail Group topped the risers after Morgan Stanley upgraded the stoc

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30 Jun 2015 12:14

UPDATE: Northgate Hikes Dividend As Profit And Revenue Both Rise

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30 Jun 2015 11:05

London midday: Stocks pare losses as investors hope for last-minute Greek deal

UK stocks were trading in the red again on Tuesday, but had bounced off their lows by lunchtime as investors digested the latest news flow from Greece. The FTSE 100 was trading 0.6% lower at 6,583.15 by midday, having bounced off an intraday low of 6,540.52 early on. The index has not closed below t

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30 Jun 2015 10:17

WINNERS & LOSERS: Tesco And Sainsbury's Beaten By Morrisons

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30 Jun 2015 10:09

TOP NEWS: UK Economic Growth Revised Up In First Quarter

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30 Jun 2015 09:40

LONDON MARKET MID-MORNING: Stocks Off Lows On Renewed Hope For Greece

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30 Jun 2015 08:48

London open: FTSE drops to January lows on Grexit fears

UK stocks were trading at levels not seen since the start of the year on Tuesday morning as fears about a Greek exit from the Eurozone intensified. With Greece's current bailout set to expire on the same day that Athens faces a debt repayment to the IMF, investors were once again scaling back their

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30 Jun 2015 08:46

Northgate beats forecasts but investors cautious over depreciation unwinding

Shares in commercial vehicle hire group Northgate slid 7% on Tuesday morning despite preliminary results that came in ahead of market expectations. Investor caution was due to currency headwinds and the future unwinding of vehicle depreciation charges over the next three years. On revenues up 7% to

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30 Jun 2015 08:38

BROKER RATINGS SUMMARY: Goldman Neutral On HSBC From Conviction Buy

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30 Jun 2015 08:28

BUZZ-Northgate: Robust FY earnings fail to overshadow slower UK growth

** Shares in van rental company Northgate Plc fall as much as 8 pct after co reports full-year earnings that garners mixed market reaction ** Stock top loser on the FTSE-250 Midcap Index ** Brokerage Numis cuts rating on the stock to "hold" from "add" citing slightly slower growth in

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30 Jun 2015 07:31

LONDON BRIEFING: Shares Ignore Positive Asian Session To Open Lower

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30 Jun 2015 06:37

Northgate Hikes Dividend As Profit And Revenue Both Rise

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30 Jun 2015 06:35

LONDON MARKET PRE-OPEN: Likely Greek Default Weighs On Stock Futures

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30 Jun 2015 06:01

LONDON MARKET EARLY CALL: Stocks Called Lower Expecting Greek Default

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30 Jun 2015 05:38

CORRECT: Earnings, Trading Statements Calendar - Week Ahead

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