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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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Northgate Share News (NTG)

Northgate profit rises as UK turnaround bears fruit

Northgate finance director Chris Muir to leave

Northgate Finance Chief Chris Muir Poached By ScS Group To Be CFO

Dividends Calendar - Week Ahead

Broker tips: Bodycote, Restaurant Group, Northgate

BROKER RATINGS SUMMARY: UBS Initiates Restaurant Group At Buy

Berenberg upgrades Northgate as risks priced in

LONDON BRIEFING: Mike Ashley To Review Sports Direct Work Conditions

Speedy Hire Appoints Northgate Chief Executive To Board

Dividends Calendar - Week Ahead

BROKER RATINGS SUMMARY: Citi Downgrades Babcock To Sell From Neutral

Northgate Profit Lower On Weaker Margins, Euro Hit And Revenue Mix

Northgate posts small drop in first half profit but lifts dividend

London pre-open: Footsie to edge higher despite China PMIs

Northgate appoints new non-exec director

Northgate Appoints British Gas Homecare Chief Claire Miles To Board

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