Northgate Regulatory News (NTG)

3 May 2005 07:00

Northgate PLC03 May 2005 3 May 2005 Northgate plc Pre Close Trading Statement Northgate plc ("Northgate", the "Company" or the "Group"), the UK's leadinglight commercial vehicle hire company, today announces an update on tradingahead of its close period before final results. Update on trading Northgate's UK rental business has traded well with utilisation maintained at90% and fleet growth for the year in line with the Board's expectations. Thenetwork of hire companies trades through 36 primary and 40 branch locations.Three more branches are due to open early in the new financial year and over asimilar period, four hire companies will relocate their primary locations tolarger premises in order to increase their capacity. The residual market hasremained stable during the second half of the financial year and as a resultprofits on vehicle disposals will be in line with expectations. Fualsa, the Group's Spanish rental business, continues to deliver an excellentperformance. Fleet growth for the second half of the financial year is similarto that achieved in the first half. The network has been expanded to 15locations following the opening of Alicante in April 2005. Three additionallocations are anticipated to open early in the new financial year. The Group is starting to benefit from the refinancing exercise that wascompleted in January 2005 and which resulted in new facilities of £565m coveringone, three and five year terms. Consequently the outcome for the Group for the full year is expected to be inline with current market expectations. The Group's preliminary results for theyear to 30 April 2005 will be announced on 5 July 2005. ENDS For further enquiries: Northgate plc Tel: 01325 467558Steve Smith, Chief Executive OfficerGerard Murray, Finance Director Hogarth Partnership Limited Tel: 020 7357 9477Andrew JaquesBarnaby Fry Notes to Editors:Northgate rents light commercial vehicles and sells a range of fleet products tobusinesses via a network of hire companies. Their NORFLEX product givesbusinesses access to a flexible method to acquire as many commercial vehicles asthey require. Further information regarding Northgate can be found on the Company's website:www.northgateplc.com. This information is provided by RNS The company news service from the London Stock Exchange