AGM Statement

Northgate PLC
09 September 2003

9 September 2003

                                 Northgate plc
                             AGM Trading Statement

Northgate plc ('Northgate', the 'Group'), the UK's leading commercial vehicle
hire company, will be holding its AGM today.  Michael Waring, Chairman of
Northgate, will be making the following statement:

'I am pleased to report that, based on the results of the first four months of
the year, the Group's financial performance is in line with current market
expectations.  We have experienced strong competition in recent months as a
result of contract hire companies seeking to gain market share through
aggressive pricing.  This increased competition, coupled with our relentless
focus on utilisation which has been maintained at 90%, has limited the growth of
our fleet in the short term. Nevertheless we remain confident of achieving the
targets for the UK set out in our recently announced three year Strategy for
Growth.

'The Group's 40% investment in Fualsa, one of the largest commercial vehicle
hire companies in Spain, continues to perform well with fleet growth and
earnings in line with our expectations.

'We look forward to a satisfactory outcome for the Group for the remainder of
the year.'


                                    - Ends -

For further information, please contact:

Northgate plc                              Tel: [phone]
Steve Smith, Chief Executive
Gerard Murray, Group Finance Director

Hogarth Partnership Limited                Tel:  [phone]
Andrew Jaques
Tom Leatherbarrow


Notes to Editors

Information on Northgate plc

Northgate rents light commercial vehicles to businesses from a network of hire
companies throughout the UK and Ireland.  Northgate has a fleet of around 45,000
units and operates from 70 rental sites.  Its NORFLEX flexible fleet hire
product gives businesses access to a flexible and risk-free method to acquire as
many commercial vehicles as they require.

Northgate's turnover for the year ended 30 April 2003 was £337.9 million.  It is
traded on the London Stock Exchange and has a market capitalisation of some £330
million.

Northgate announced its three year Strategy for Growth in July 2003 based on it
achieving the following targets by April 2006

  • Fleet size of 60,000 in the UK and 18,000 in Spain
  • Network of 100 locations in the UK and 20 in Spain
  • 100% ownership of Fualsa
  • An established portfolio of non-rental products

The last four years' results to 30 April 2003 represent a 21% annual compound
growth in earnings per share. Northgate is seeking to achieve double-digit
annual growth in earnings per share over the three year period through the
successful implementation of its new plan.

Further information regarding Northgate can be found on the Company's website:
http://www.northgateplc.com


Information on Fualsa

Founded in 1981, Fualsa, one of the largest van rental companies in Spain, was
wholly owned by members of the Acebes family before the investment by Northgate.
Northgate has options to acquire the remaining share capital of Fualsa before
the end of May 2004 (40%) and the end of May 2006 (20%) based on a multiple of
8.5 times average post tax profits of the two calendar years preceding the
option dates.

Fualsa rents light commercial vehicles and cars using 'Renting Abierto' (Open
Renting), non-contractual long-term hire arrangements similar to Northgate's '
Norflex' product, principally to customers in the construction industry.  Its
fleet size at 30 April 2003 was around 12,000 vehicles, of which approximately
two thirds were vans.  Fualsa operates from headquarters in Madrid and further
locations in Barcelona (2), Seville, Valladolid, Valencia, Zaragoza and Malaga.


                      This information is provided by RNS
            The company news service from the London Stock Exchange