Northgate plc ("Northgate", the "Company" or the "Group") today publishes its Interim Management Statement covering the period 1 May 2012 to 19 September 2012.
Vehicle utilisation in the period to 18 September has averaged 89%, in line with that experienced in the year ended 30 April 2012. Vehicles on hire have fallen from 46,400 at 30 April 2012 to 44,800 at 18 September 2012, a decrease of 1,600 units compared to a fall of 2,400 in the same period last year. Strong asset management enabled a reduction in fleet size of 2,000 since 30 April 2012 to 50,900.
Hire revenue per rented vehicle has remained stable since the beginning of the financial year.
The used vehicle market remains strong, with residual values in line with those experienced in the year ended 30 April 2012.
Vehicle utilisation in the period to 18 September has averaged 90%, in line with that experienced in the year ended 30 April 2012.
Vehicles on hire have remained stable since 30 April 2012, with 34,000 at 18 September 2012, and hire revenue per rented vehicle has decreased by 2% over the period. Strong asset management enabled a reduction in fleet size of 700 since 30 April 2012 to 37,700.
Since the year end, the used vehicle market in Spain has remained strong, with improved residual values per vehicle compared to the previous financial year.
Despite the challenging economic conditions affecting both our UK and Spanish businesses, we continue to trade in line with our expectations. Net debt and gearing continue to fall.
We remain focused on asset management, cash generation and cost control whilst maximising profitable growth where the appropriate return exists.
For further information, please contact:
Bob Contreras, Chief Executive
Chris Muir, Group Finance Director
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020 3128 8753
Notes to Editors:
Northgate plc rents light commercial vehicles and sells a range of fleet products to businesses via a network of locations in the UK, Republic of Ireland and Spain. Their NORFLEX product gives businesses access to a flexible method to obtain as many commercial vehicles as they require.
Further information regarding Northgate plc can be found on the Company's website: