Northgate Regulatory News (NTG)

28 Sep 2005 07:00

Northgate PLC28 September 2005 28 September 2005 Northgate plc AGM Trading Statement Northgate plc ('Northgate', the 'Group'), the UK's leading commercial vehiclehire company, will be holding its AGM today. Martin Ballinger, Chairman ofNorthgate, will be making the following statement: "In common with most other suppliers to the construction, retail anddistribution sectors, the Group has been affected by some weakness in its UKmarket in the first four months of the year. In particular, fleet growth has notbeen at planned levels and hire rates have weakened slightly as a result ofcompetitive pressure. In a similar manner to the summer of 2003, actions havebeen taken to reduce the impact of these conditions in the remainder of theyear. As reported in the operational review for the year ended 30 April 2005,the used vehicle residual market is weaker than the prior year, albeit wecontinue to operate within our long-term break even range. "Outside the UK, the acquisition of Record, coupled with the continuing goodperformance from Fualsa, gives us confidence in our ability to meet thedemanding targets set for our business in Spain."We continue to anticipate a satisfactory outcome for the Group for the year asa whole. "Northgate continues to be in discussions with regard to an offer for the Group.There can be no certainty that any offer will be forthcoming. A furtherannouncement will be made in due course." -Ends- For further information, please contact: Northgate plc Tel: 01325 467558Steve Smith, Chief Executive OfficerGerard Murray, Group Finance Director Hogarth Partnership Limited Tel: 0207 357 9477Andrew JaquesBarnaby FryEdward Westropp Further information regarding Northgate can be found on the Group's website:http://www.northgateplc.com This information is provided by RNS The company news service from the London Stock Exchange