Interim Management Statement

RNS Number : 3480O

Northgate PLC

19 September 2013

 



19 September 2013

NORTHGATE PLC

INTERIM MANAGEMENT STATEMENT

Northgate plc ("Northgate", the "Company" or the "Group"), today publishes its Interim Management Statement covering the period 1 May 2013 to 19 September 2013.

UK

Vehicles on hire have risen from 43,100 at 30 April 2013 to 44,700 at 18 September 2013, an increase of 1,600 units compared to a fall of 1,600 in the same period last year. The increase includes growth of 500 vehicles from the four sites opened since February 2013, in line with our expectations.

The network continues to increase with a new branch opened in Slough on 31 July 2013. Two further branches in the London area are scheduled to open by 31 December 2013.

Vehicle utilisation in the period to 18 September 2013 has averaged 88%, compared to 89% in the same period in the prior year.   Utilisation returned to 89% in August 2013.   Fleet size has increased from 49,900 at 30 April 2013 to 50,600.

Underlying hire revenue per rented vehicle has increased by 1% compared to the last financial year. 

The used vehicle market remains strong, with residual values in line with those experienced in the year ended 30 April 2013.

Spain

Vehicles on hire have risen from 32,100 at 30 April 2013 to 33,400 at 18 September 2013, an increase of 1,300 (2012 - Nil).  This has been partly driven by increased seasonal demand.

Vehicle utilisation in the period to 18 September 2013 has averaged 92% compared to 90% in the same period last year.  The fleet has increased by 1,000 since 30 April 2013 to 36,100.

Underlying hire revenue per rented vehicle has been stable compared to the last financial year.

The used vehicle market remains strong, with residual values in line with those experienced in the year ended 30 April 2013.

Outlook

Having established a strong operational and financial foundation for the Group over the past four years, vehicles on hire are showing signs of stabilisation and the early indications regarding our growth strategy are positive.

The Group continues to trade in line with our expectations.

For further information, please contact:

Northgate plc		01325 467558
Bob Contreras, Chief Executive Chris Muir, Group Finance Director
MHP Communications	020 3128 8100
Andrew Jaques
Barnaby Fry
Simon Hockridge

Notes to Editors:

Northgate plc is the leading light commercial vehicle hire business in the UK, Ireland and Spain by fleet size and has been operating in the sector since 1981.

Northgate's core business is the hire of light commercial vehicles to businesses on a flexible basis, giving customers the ability to manage their vehicle fleet requirements in a way which can adapt to changing business needs without the requirement to enter into a long term commitment.

Further information regarding Northgate plc can be found on the Company's website:

www.northgateplc.com

 

END

 

 

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