NORTHGATE PLC

INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2013

Northgate plc (“Northgate”, the “Company” or the “Group”), the UK and Spain’s leading specialist in light commercial vehicle hire, announces its interim results for the half-year ended 31 October 2013.

Financial Highlights

• 14% increase in underlying profit before tax(1) to £32.0m (2012 – £28.1m);

• 12% increase in profit before tax to £27.4m (2012 – £24.6m);

• Underlying basic earnings per share(2) 18.3p (2012 – 15.1p);

• Basic earnings per share 15.7p (2012 – 13.1p);

• Net debt increased by 2% to £370.4m (April 2013 – £362.7m):
o Gearing(3) reduced to 100% (April 2013 – 102%)

• Return on capital employed(4) 10.5% (April 2013 – 11.8%);

• Increase in interim dividend to 3.2p per share (2012 – 1.3p).

Operational Highlights

• Vehicles on hire growth of 2,800 in the UK, including 900 from new sites opened since February 2013 (2012 – reduction of 1,400);

• Vehicles on hire growth of 1,200 in Spain (2012 – reduction of 1,300);

• Two new sites opened in the UK since 30 April 2013 with three more planned by 30 April 2014;

• Average utilisation over the period of 88% in the UK (2012 – 89%) and 93% in Spain (2012 – 90%);

• Closing fleet of 52,800 in the UK (April 2013 – 49,900) and 36,500 in Spain (April 2013 – 35,100).


Bob Mackenzie, Chairman, commented:

“We are pleased to see the growth achieved in the first six months of the year, following the investment that has been made in our people, systems and network.  The Board remains confident that we will continue to build on this platform for growth. The Group continues to trade in line with our expectations.”    

See full statement and results