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Northgate - Fleet utilisation still over 90%

February 2003

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.

  • Epic Code:
  • NTG
Northgate the light commercial vehicle (LCV) hire group, has comfortably preserved its reputation for consistently delivering  earnings growth.  In the six months to 30 October,  turnover rose 21% to £164.8m, while pretax profit increased 16% to £18.8m. Earnings were up 16% to 21.3p.  The balance sheet has also improved with interest cover increasing from 3.4x to 3.6x in spite of the £13.1m  cash  spent last year  acquiring  Target and a 40% stake in Spanish LCV hire group, Fualsa. Inspite of some nervous selling soon after our recommendation in November, there appears to be no sign of a deterioration in Northgate'smarkets, with fleet utilisation remaining above 90%, stable hire ra ...

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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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