Northgate trading in line, vehicle hire stabilising

19th Sep 2013 08:06

Commercial vehicle hire company Northgate said it continues to trade in line with company expectations, with vehicles on hire showing signs of stabilisation.Vehicles on hire rose from 43,100 at April 30th to 44,700 at September 18th, with an increase of 1,600 units compared to a fall of 1,600 in the same period last year. The increase includes growth of 500 vehicles from the four sites opened since February 2013, in line with our expectations, the group explained.Vehicle utilisation in the period to September 18th averaged 88%, compared to 89% in the same period in the prior year. Utilisation returned to 89% in August 2013. Fleet size has increased from 49,900 at April 30th 2013 to 50,600.Underlying hire revenue per rented vehicle has increased by 1% compared to the last financial year. Vehicles on hire in Spain rose from 32,100 to 33,400, driven partly by increased seasonal demand.The group added that early indications regarding its strategy are positive.CJ