Higher van rentals drive Northgate's profit

June 25 Wed Jun 25, 2014 2:04am EDT

June 25 (Reuters) - Logistics company Northgate Plc reported a 22 percent rise in full-year profit as initial signs of recovery in Spain, and buoyancy in the British economy drove more customers to lease its vans.

The company, which rents out light commercial vehicles under flexible contracts to engineering, distribution and retail companies, said it continued to trade in line with its expectations.

Underlying pretax profit rose to 60.3 million pounds ($102.3 million) in the year ended April 30, from 49.5 million pounds a year earlier.

Revenue fell 6.3 percent to 571.5 million pounds. ($1 = 0.5892 British Pounds) (Reporting By Esha Vaish in Bangalore; Editing by Gopakumar Warrier)