Northgate’s FY16 results are a touch ahead of our expectations (PBT 1% ahead at £82.9m) as continuing strength in Spain offset a softer than expected performance in the UK. DPS has increased by a generous 10%, ahead of expectations, given the ample cover (3x). Net debt was better than expected following recent currency movements (£:€) at £309.9m (£354m forecast). In the UK, average vehicles on hire were 3% lower than the prior year and the year end number of vehicles on hire was 45,700, down fro ....
28 Jun 2016
N+1 Singer - Northgate - Results in line, softer UK performance
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N+1 Singer - Northgate - Results in line, softer UK performance
Redde Northgate PLC (REDD:LON) | 373 -5.6 (-0.4%) | Mkt Cap: 840.9m
- Published:
28 Jun 2016 -
Author:
James Tetley -
Pages:
3
Northgate’s FY16 results are a touch ahead of our expectations (PBT 1% ahead at £82.9m) as continuing strength in Spain offset a softer than expected performance in the UK. DPS has increased by a generous 10%, ahead of expectations, given the ample cover (3x). Net debt was better than expected following recent currency movements (£:€) at £309.9m (£354m forecast). In the UK, average vehicles on hire were 3% lower than the prior year and the year end number of vehicles on hire was 45,700, down fro ....