Northgate has warned that its profits may fall by half this

The light commercial vehicle rental company, which has
operations both in the UK and in Spain, announced that underlying
pre-tax profits fell by 40 percent to £26.5 million (€30.2 million)
in the six months to October 31, compared with £44.2 million (€50.3
million) for the same period one year ago

The company explained that the drop was mainly the result of
significant reduced residual values, lower utilisation and
increased interest costs.

Northgate’s chairman Philip Rogerson said: “The deteriorating
economic conditions in both the UK and Spain have impacted
significantly on the results for the period, particularly in
relation to the values achieved in disposing of used vehicles.”

He added that the company was adopting strategies to reduce the
effects of “external factors on the company’s profitability”,
including an efficient fleet management and targeted cost

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.