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4 years ago
Northgate's profit hurt by lower spending in the UK and Spain
June 25, 2013 / 6:26 AM / 4 years ago

Northgate's profit hurt by lower spending in the UK and Spain

June 25 (Reuters) - Van rental company Northgate Plc reported a 17 percent decline in full-year profit as lacklustre consumer spending in Britain and economic turmoil in Spain took a toll on vehicle hiring.

Northgate, which rents out vans to engineering, distribution and retail companies in Spain, Britain and the Republic of Ireland, said its current financial year was trading in line with its expectations.

Underlying pretax profit fell to 49.5 million pounds ($76.22 million) in the year ended April, from 59.7 million pounds a year earlier.

Revenue decreased 14 percent to 609.9 million pounds.

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