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Northgate vehicles on hire jump 13% in first quarter

Tue, 18th Sep 2018 11:26

(Sharecast News) - Van hire company Northgate reported double-digit growth in average vehicles on hire for the first quarter on Tuesday ahead of its annual general meeting.In an update for the period from 1 May to 31 August, the company said the number of average vehicles on hire (VOH) rose 13.1% overall to 92,200, 12% in the UK & Ireland to 48,000 and 14.3% in Spain to 44,200.Northgate said vehicle on hire growth accelerated sharply during the period, with the momentum in the UK in the second half of last year continuing into the current year, reinforced by the VOH impact of the ex-TOM Rental Hire vehicles acquired just before the start of the year. Northgate bought parts of the fleet of TOM Vehicle Rental after it went into administration in March.Closing VOH included 1,600 former TOM vehicles, which was slightly lower than previously guided due to agreement not being reached with several ex-TOM customers regarding their transition to Northgate tariffs, and their vehicles consequently coming off hire. Northgate said rental margins are expected to increase gradually over the rest of the year, as the integration of the ex-TOM vehicles is completed, opportunities to increase minimum term hire rates are realised, utilisation improves in both the UK and Ireland, and increasing UK scale delivers operational leverage. Full-year expectations are for the rental margin in the UK & Ireland to be broadly flat year-on-year, as previously guided. Numis said the update provides encouraging evidence that management's strategy is delivering the anticipated results. The brokerage left its forecasts unchanged but upped its price target on the buy-rated stock to 510p from 450p.At 1300 BST, the shares were up 1.4% to 423p.

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23 Mar 2018 17:53

J O Hambro Capital Management Double Stake In Northgate To 10% (ALLISS)

LONDON (Alliance News) - Northgate PLC said J O Hambro Capital Management Ltd doubled its stake in the van rental firm after a transaction on Friday.Hambro held 13.3 in

22 Mar 2018 11:02

Northgate Changes Depreciation Rate Following New Fleet Strategy

LONDON (Alliance News) - Vehicle rental provider Northgate PLC said on Thursday it has reviewed its depreciation rates in line with accounting standards and has chosen to them

3 Feb 2017 09:56

Friday broker round-up

(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

9 Jan 2017 16:07

UK Dividends Calendar - Next 7 Days

6 Dec 2016 16:33

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

6 Dec 2016 09:21

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

16 Sep 2016 15:09

UK Dividends Calendar - Next 7 Days

8 Sep 2016 11:18

Crystal Amber Sparkles Among Investment Funds In August - QuotedData

11 Aug 2016 15:05

UK Dividends Calendar - Next 7 Days

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

21 Jun 2016 15:02

UK Earnings, Trading Statements Calendar - Next 7 Days

2 Jun 2016 08:00

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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