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Northgate profit rises as UK turnaround bears fruit

Tue, 25th Jun 2019 13:08

(Sharecast News) - Vehicle hire company Northgate posted a jump in full-year profit and revenue on Tuesday as it said the turnaround programme in the UK was bearing fruit.In the year to 30 April 2019, pre-tax profit rose 14.5% to £60.4m on revenue of £745.5m, up 6.2% on the previous year. Vehicle hire revenue was 9.9% higher at £517.6m, while revenue from vehicle sales slipped 1.1% to £227.8m. Rental revenue in the UK & Ireland was up 11.3% from the previous year to £315.6m, driven by average vehicle on hire (VOH) growth of 11.3%. The company said that following the return to growth of year-on-year VOH in late 2018, momentum has remained strong throughout this year, resulting in VOH of 47,100 at the end of the year, up 3.4%.Earnings per share increased 19.1% to 38.6p and the company lifted its total dividend to 18.3p a share from 17.7p.Chief executive Kevin Bradshaw said: "We continue to make good progress executing our rental strategy to address the compelling growth opportunity in our markets."In the UK, our self-help turnaround programme is delivering. We have successfully introduced regular price increases during the year, and applied greater commercial focus to increase the efficiency of our operations. We turned a pricing corner in the second half of the year with our average hire rates returning to year-on-year growth after a three-year period of decline."Northgate said it expects to deliver a rental margin of at least 15% in the medium-term, supported by the "substantial" margin opportunity ahead for the UK & Ireland, and by a continued "strong" margin in Spain in the context of a highly competitive landscape.At 1305 BST, the shares were up 0.3% at 323p.

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(ShareCast News) - Northgate: Barclays reiterates Neutral with a target price of 600p. Royal Dutch Shell A: Barclays reiterates Overweight with a target price of 2800p Royal Dutch Shell B: Barclays reiterates Overweight with a target price of 2800p. A.G BARR: Berenberg reiterates Hold with a targe

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Northgate profits hit by low vehicle hires in UK

(ShareCast News) - Northgate, specialist in light commercial vehicle hire in the UK, Spain and Ireland, has reported a 11.9% fall in profits due to lower opening vehicles on hire in the UK. Chief executive Bob Contreras, however, said that the company is still on track to achieve its full year expec

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Northgate appoints ex Avis boss as new CEO

(ShareCast News) - After six years at the wheel, commercial vehicle supplier Northgate's chief executive Bob Contreras will step down in January, with his replacement announced as former Avis boss Kevin Bradshaw. Bradshaw, who joins from Wyevale Garden Centres, will take over on 11 January, with Con

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29 Jun 2016 11:21

DIRECTOR DEALINGS: Northgate Non-Executive Director Buys Shares

28 Jun 2016 16:16

Tuesday broker round-up:

(ShareCast News) - Just Eat: Goldman Sachs reiterates buy with a target price of 670p. G4S: Credit Suisse keeps at outperform with a 210p target. Bellway: Goldman Sachs keeps at neutral with a target price of 1715p. Northgate: Numis reiterates to buy with a target of 500p. Babcock: Credit Suisse

28 Jun 2016 08:49

Northgate cautions on Brexit as it reports full year results

(ShareCast News) - Light commercial vehicle hire company Northgate's annual profits were boosted by an increase in demand in Spain against a "mixed trading backdrop" but cautioned on the potential effect of Brexit on the business. Northgate's underlying profits before tax fell 2.47% to £82.9m for t

28 Jun 2016 07:37

Northgate Says Results In Line With Expectations As Backdrop Mixed

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FTSE quarterly review confirms raft of changes to 100 and 250 indices

(ShareCast News) - Hikma Pharmaceuticals' promotion to the FTSE 100 index was confirmed after the latest quarterly review was announced overnight, while demoted blue chip Inmarsat was joined in the FTSE 250 by three recently floated finance groups CYBG, CMC Markets and Metro Bank plus several others

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