LONDON (ShareCast) - Commercial vehicle hire group Northgate said that the business is trading in line with expectations with the average number of vehicles on hire up 10% year-on-year in the first quarter at both its UK and Spanish operations.
In the UK, which accounts for around two-thirds of profits, vehicles on hire totalled 48,500, with 4% of the growth attributable to the opening of 11 new sites (since February) and 6% from organic growth.

The planned network expansion has continued since the start of its financial year in May, with new branches in Sandyford, Watford, Enfield and Southall, bringing the branch network to 72.

Spanish vehicles on hire totalled 36,500 by 17 September, with organic growth helped by strong seasonal demand.

"The group continues to see increasing returns and profitable growth in both the UK and Spain," the company said, adding that it is well positioned to "maximise further opportunities for growth".

The stock was down 0.2% at 517p by 12:24.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE