Northgate PLC
02 May 2007
2 May 2007
Northgate plc
Pre-Close Trading Statement
Northgate plc ('Northgate' or the 'Group'), the leading commercial vehicle hire
company in the UK and Spain, is today issuing an update on trading ahead of its
close period before the release of its preliminary results for the year ended 30
April 2007.
In the UK, the hire rate environment has stabilised and has been accompanied by
improved utilisations and modest fleet growth. A significant reorganisation of
the UK business has also taken place. Residual values have improved against the
levels achieved in the previous financial year.
In line with our expectations and contrary to recent press comment, we have seen
no evidence of any reduction in demand from the construction sector in Spain,
since our construction customers' activity is predominantly infrastructure
focused. The Group's Spanish business continues to perform strongly.
Interest costs are higher than originally expected due to the increases in
Euribor and Libor. The Group has substantially increased the proportion of its
net debt that is at a fixed rate.
Trading for the Group for the financial year has been satisfactory and the
overall performance has been in line with the Board's expectations.
Northgate's preliminary results will be announced on 3 July 2007.
-Ends-
For further information, please contact:
Northgate plc Tel: 01325 467558
Steve Smith, Chief Executive Officer
Gerard Murray, Group Finance Director
Hogarth Partnership Limited Tel: 0207 357 9477
Andrew Jaques
Barnaby Fry
Anthony Arthur
Further information regarding Northgate can be found on the Group's website:
http://www.northgateplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.