Fleet News

Northgate pre-tax profits up 16%

LIGHT commercial hire vehicle specialist Northgate has shrugged off difficulties in the hire market with a 16% jump in pre-tax profits.

Pre-tax profits at the firm leapt from £13.9 million in 2000 to £16.2 million last year, on turnover up from £129.7 million to £136.5 million for the year to October 31, 2001.

Michael Waring, chairman, said: 'Despite difficult economic conditions over the past six months, we have continued to make excellent progress. Fleet utilisation has averaged 90% and hire rates have been maintained. We continue to believe there are still excellent growth prospects in the UK market. However, we are also examining opportunities to take the Northgate concept into Europe.'

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