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Healthy results at Northgate after aquisitions
Page 8
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NORTHGATE HAS achieved double-digit increases in turnover and profit following its acquisition of rental businesses in the UK and Spain, giving it the impetus for further purchases.
Turnover at the vehicle-hire company rose 41% to £526.5m for the financial year ending 30 April 2007, with pre-tax profit jumping more than 33% to £75.4m.
The company acquired the remaining 51% of the equity in Record Rent A Car in Spain during this period and reports a high level of customer retention following its purchase of Arriva Vehicle Rental in the UK in 2006.
UK and Ireland MD Phil Moorhouse says the UK market is much more mature than Spain's; he expects to see future fleet growth levels of around 5%.
This year Northgate will concentrate on identifying businesses in Western Europe and the EU accession countries which are suitable for acquisition,