Hire demand helps drive 34.7% profit rise at Redde Northgate

(Sharecast News) - Vehicle hire company Redde Northgate posted a strong rise in annual profit, driven by higher demand. The company on Wednesday posted a 34.7% rise in pre-tax profit to £178.7m. Revenue grew by a fifth to £1.49bn and the full-year dividend was lifted by 3p a share to 24p.

"The group fleet is over 130,000 vehicles and multi-year insurer contracts are now at full run-rate. Together with our strong pipeline of new business including an additional large leasing company multi-service contract due to go live in the autumn, we are confident in continuing to deliver further stakeholder value," said chief executive Martin Ward.

"We continue to enjoy robust demand as we start FY2024 and our recent signing of a further multi-service outsourcing contract for Redde reflects our healthy new business pipeline."

Reporting by Frank Prenesti for Sharecast.com