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Northgate declares success of fixed-term offer

19 September 2017 08:06

Northgate announced on Tuesday that its fixed-term offer was seeing European success.

The overall growth in closing vehicles on hire of 1,600 in the four months to 31 August 2017. This compares to an overall reduction of 500 vehicles over the same period last year.

Spain has grown strongly with progress in both fixed term and flexible rentals. In the UK, we are starting to see the positive impact from self help actions with a substantially lower rate of VOH decline than last year and a good relaunch of the new fixed term proposition in September. Ireland has declined as the business has focused briefly on reducing customers with high levels of vehicle churn.

The overall success of our fixed term offer reflects its superiority versus lease financing and contract hire alternatives. Due to our hire infrastructure we can deliver significant product advantages to customers such as lower lengths of term and our in-house service, maintenance and repair facilities underpin a lower cost to serve. Our average term hire period is 35.5 months in Spain, 26.3 months in the UK and 12 months in Ireland. At 8:02am: (LON:NTG) Northgate PLC share price was +4.25p at 424.25p

Story provided by StockMarketWire.com

Related Company: NTG

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