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Northgate - Acquired Record Rent

August 2005

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

For the year ended 30 April, van rental firm Northgate produced sparkling results, with pretax profit rising 24% to ï¿½55.6m and earnings increasing nearly 18% to 59.7p. In the UK, operating profit rose nearly 12% to ï¿½62.2m thanks to an 11% growth in the fleet to 52,600 vehicles. Fleet utilisation remained high at 90% and although hire rates remained competitive, operating margins held steady at 20.8%. The residual market for used vehicle sales was also stable although it has softened since the year-end. In Spain, Fualsa made a first profit contribution since coming under 100% ownership of ï¿½9.9m from turnover of ï¿½73m, which makes the maximum acquisition cost of ï¿½36m look very cheap. Fualsaï¿½s fleet increased by 27% to 19 ...

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Northgate (February 2008)

Northgate (September 2007)

Northgate (February 2007)

Northgate - Earnings to increase 20% this year (August 2006)

Northgate (February 2006)

Northgate (December 2005)

Northgate (October 2005)

Northgate (June 2005)

Northgate - Hire fleet grows to nearly 70,000 vehicles (February 2005)

Northgate - Analyst visit to Fualsa (December 2004)

Northgate (October 2004)

Northgate - Van rental firm growing strongly (September 2004)

Northgate - New eps forecast of 65p for 2006 (August 2004)

Northgate - Buys 100% of Fualsa (June 2004)

Northgate - Van rental group on track (December 2003)

Northgate - New three year plan (August 2003)

Northgate - Van rental group a resilient performer (June 2003)

Northgate - Fleet utilisation still over 90% (February 2003)

Northgate (November 2002)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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Northgate - Acquired Record Rent

August 2005

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