Updates

Northgate - Analyst visit to Fualsa

December 2004

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.

Following an analyst visit to Northgate's Spanish subsidiary, Fualsa, Arbuthnot has published a new note highlighting the potential there. Since April, Fulsa's rental fleet has increased by 25% to 16,000vehicles (out of a group total of 48,000) and with utilisation at 90%, combined with customer acceptance of annual rate increases, prospects look excellent. Fualsa will open two new depots by early January, taking the total to 14, which will ensure that Northgate's original target of 18,000 vehicles by 2006/2007 will be comfortably exceeded. This excellent productivity reflects its decision to bring in its own people to fill the key positions of sales, operations and finance director after taking full control of Fualsa. A measure ...

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