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05 Mar 2019 | 08:00

Northgate vehicle hire rates rise in third quarter

Commercial vehicle rental group Northgate said hire rates increased by 11% in its fiscal third quarter, amid growth in both the UK and Spain.

Average vehicles on hire for the three months through January was 94,500, including 12.5% on-year growth in the UK and Ireland and 9.1% growth in Spain.

'We have continued to make good progress in the third quarter,' chief executive Kevin Bradshaw said.

'The company continues to leverage its nationwide network of depots and differentiated customer propositions to benefit from the structural shift away from ownership, as well as apply greater focus to the more attractive growth segments in our markets.'

'We remain on track to produce full year results in line with the guidance communicated in December 2018.'

'Looking forward, with our leading positions in structurally growing markets, we are confident of delivering our medium-term objectives of profitable revenue growth, expanding margins, growth in ROCE and attractive shareholder returns.'

At 8:00am: (LON:NTG) Northgate PLC share price was +0.1p at 370.1p

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