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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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22 Apr 2016 10:08

Citi starts coverage of Northgate at buy

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Broker tips: ARM, Tate & Lyle, Inchcape

(ShareCast News) - Numis sell-side analysts provided a list of their top picks among large and small cap stocks across the market, including ARM Holdings, Virgin Money, Derwent London, Tullow Oil, Northgate and Vectura. After another strong set of quarterly results, ARM remains the top pick as Numis

1 Apr 2016 15:34

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10 Feb 2016 14:07

DIRECTOR DEALINGS: Northgate Non-Executive Buys First Shares

9 Feb 2016 08:05

Northgate appoints former Spirit Pub CFO as FD

(ShareCast News) - Light commercial vehicle hire specialist Northgate has appointed Patrick Gallagher as group finance director with effect from 22 February. The company, which announced last month that Chris Muir would be stepping down from the role, noted the incumbent will be leaving Northgate at

9 Feb 2016 07:50

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Northgate Share News (NTG)

Northgate vehicles on hire jump 13% in first quarter

Hikma to replace Inmarsat in FTSE 100 index

Hikma Pharmaceuticals Rejoins FTSE 100, Smurfit Kappa Joins FTSE 250

Northgate Adds Former Intertek CFO Spencer As Non-Executive Director

Inmarsat set for FTSE demotion in quarterly review

Citi starts coverage of Northgate at buy

WINNERS & LOSERS SUMMARY: Saga Rises As Private Equity Overhang Lifted

BROKER RATINGS SUMMARY: Liberum Raises View On UK Housebuilders

LONDON BRIEFING: Saga Shares Rise As Private Equity Group Sells Out

Broker tips: ARM, Tate & Lyle, Inchcape

Numis adds Virgin Money, Derwent and Northgate to 'top picks' list

DIRECTOR DEALINGS: Northgate Non-Executive Buys First Shares

Northgate appoints former Spirit Pub CFO as FD

Northgate Appoints Former Spirit Pub CFO As Finance Director

DIRECTOR DEALINGS: Northgate Chief Executive's Spouse Buys Shares

BROKER RATINGS SUMMARY: JPMorgan Gives Unilever Double Upgrade

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Northgate Share News (NTG)

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