Northgate said pretax profit for the recent year benefited from a
Revenue, which incorporate vehicle and hire sales, dropped to
Vehicle sales revenue fell to
However, despite the improvements achieved in pricing and used vehicle residual values, the reduction in the number of vehicles sold and the investment made in the
During the year, vehicles on hire in the
Northgate said its Spanish arm also made progress during the year with improved operational efficiencies and residual values in the country increasing operating margin to 17.1% from 16.7%. Vehicle hire in
Looking ahead, Northgate said it has good momentum in both businesses as a result of investment and changes to the commercial and operational teams.
"Whilst we remain committed to investing in future growth, we believe that the strength of our balance sheet will allow us to further enhance shareholder returns through a continuation of our progressive dividend policy," the company said.
On the back of its performance, the company increased its final dividend to
Northgate shares were quoted up 4.2% at
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