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Northgate profits rise

Northgate, the light commercial vehicle hire company, increased group revenue by 48% to £262.1 million in 2006.

The company announced its interim results for the half-year ended October 31, 2006, which also showed a profit before tax rise of 34% to £37.8m, compared to £28.7m in 2005.

The company said the recent acquisitions of Arriva Vehicle Rental in the UK and Record Rent in Spain helped it towards its results.

“Trading in both the UK and Spain is in line with expectations and the board remains confident of a satisfactory outcome for the full financial year.

Northgate continues to retain its leading positions in commercial vehicle rental in both the UK and Spain and as a result is confident of maintaining growing returns for shareholders,” said Philip Rogerson, Northgate chairman.

Northgate has a fleet of 65,300 vehicles in the UK and 51,000 in Spain.

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