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Redde Northgate hails "strong" start, demand in new financial year

26th Sep 2023 09:58

(Alliance News) - Redde Northgate PLC, ahead of its annual general meeting on Tuesday, reported a "strong" start to its financial year.

The Darlington, England-based commercial vehicle hire firm said financial 2024, which began on May 1, has started "very well", with trading momentum and healthy demand and activity across its business.

Redde Northgate emphasised its focus on supporting rental sectors with the strongest long-term growth prospects.

"Residual values reflect current new vehicle prices and so, as previously guided, remain significantly above historic levels in both regions, which will be seen in ongoing elevated disposal profits," it said.

The two regions are UK & Ireland and Spain.

"Our differentiated mobility solutions platform is well positioned to capitalise on the structural growth in outsourcing, delivering diverse revenue streams and long-term multi-year earnings streams," Redde Northgate said.

The company has completed GBP3.6 million of the GBP30 million share buyback programme that it had announced back in July.

Redde Northgate shares were 1.9% higher at 341.00 pence each in London on Tuesday morning.

By Tom Budszus, Alliance News reporter

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