NTG - Northgate PLC

[Spennyboy]

As long as they have not already/dont fuck up any more figures, it might be ok.

[Q-Ball]

not doing too badly this week - up to £2.75 . Im hoping for £3 before the end of next week!

[Q-Ball]

This baby is now flying - i was worried when it will to £2.00 last week (for no reason whatsoever), but 3 solid days of rises back to £2.62. anyone still in?

[Q-Ball]

Anyone still holding - interim statement out today - not great, but i don't think it was bad either - it is riding out the recession quite well imo. still a solid mid term player.

8 December 2009
NORTHGATE PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED
31 OCTOBER 2009

Northgate plc (“Northgate”, the “Company” or the “Group”), the leading light commercial vehicle rental business in the UK and Spain by fleet size, announces its interim results for the half‐year ended 31 October 2009.

Financial highlights
• Group revenue £375.9m (2008 – £392.1m1)
• Underlying profit before tax2 £22.0m (2008 – £26.5m2)
• Underlying basic earnings per share 21.0p2, 3 (2008 – 64.7p2, 3)
• Basic earnings per share 5.1p3 (2008 – 56.8p3)
• Cash generated from operations £77.6m (2008 – £61.5m4)
• Net debt5 reduced by £180m to £706m (April 2009 – £886m)
• Successful completion of refinancing and equity raising
Operational highlights
• Average utilisation in the period of 91.4% in the UK and 87.6% in Spain
• Pricing improvement of 2.3% in the UK since April 2009 and stable prices in Spain
• Improvement in used vehicle market in both the UK and Spain
• Closing fleet of 61,000 in the UK (2008 – 69,100) and 55,200 in Spain (2008 – 64,800)

Philip Rogerson, Chairman, commented:
“The actions taken earlier in the year have had a positive impact on the business and we continue to make progress towards the goals set out in the strategic plan. We have increased utilisation rates in the UK and Spain, achieved improvements in pricing, delivered cost savings and reduced indebtedness whilst benefiting from an increase in used vehicle prices. Given the continued uncertain economic environment, particularly in Spain, our focus remains on hire rate improvement, efficient fleet management, further cost reductions and cash management. We are pleased with the progress to date against our objectives and look forward with increased confidence.”

[Q-Ball]

NTG back in profit - up 12% to 172p. Anyone holding? Still looks like a decent long term play, but i got in way to early!

Northgate back in profit Wed, 30th Jun 2010 07:54 Car and van renter Northgate has returned to profit after the huge write-downs that nearly sank the company last year, but ruled out a dividend in view of the economic uncertainty in both its main markets. "The company is facing difficult economic conditions in both the UK and Spain. There will be major government cutbacks which will reduce demand for some vehicle units, but our flexible model may well prove attractive to customers who struggle to raise the capital for outright purchase or do not wish to commit to long-term lease or contract hire," it said. The group made £9.6m in the year to April against losses of £195.6m. Operating profit increased by 15.4% to £82.8m (2009 - £71.8m), while underlying profit before tax increased by 32.8% to £36.5m. Revenues were £749m against £770m. Average utilisation in the year came in at 91% in the UK (2009 - 88%) and 88% in Spain (2009 - 83%). Northgate benefited from strong used vehicle markets in both the UK and Spain. Its fleet sizes at the end of the year were 60,900 in the UK (2009 - 62,900) and 48,900 in Spain (2009 - 60,400). During the year net debt reduced by £288m to £598m, helped a £77m rights issue. "Since the refinancing last year, we have met substantially all of our targets. Going forward, we will concentrate on doing simple things very well. We will complete the UK restructuring. Our aim is 90% utilisation and if we need to further reduce the fleet so be it. Maximising returns and charging fully for ancillary services will be our prime target," it added.

[rebrabuk]

I'm in with a small sum at 170, since a couple of weeks ago.