Business
AGM Trading Statement
AGM Trading Statement.
About this update from Zigup Plc
[{"type":"text","content":"\n \nRNS Number : 0930R Northgate PLC 19 September 2017 \n\n19 September 2017 \nNorthgate plc\nTRADING STATEMENT\nAt the AGM of Northgate plc (\"the Group\"), to be held later today, Andrew Page, Chairman, will provide the following trading update: \nThe Group continues to make good progress against its strategic objectives and we are pleased to report overall growth in closing vehicles on hire of 1,600 in the four months to 31 August 2017. This compares to an overall reduction of 500 vehicles over the same period last year.\nSpain has grown strongly with progress in both fixed term and flexible rentals. In the UK, we are starting to see the positive impact from self help actions with a substantially lower rate of VOH decline than last year and a good relaunch of the new fixed term proposition in September. Ireland has declined as the business has focused briefly on reducing customers with high levels of vehicle churn.\nThe overall success of our fixed term offer reflects its superiority versus lease financing and contract hire alternatives. Due to our hire infrastructure we can deliver significant product advantages to customers such as lower lengths of term and our in-house service, maintenance and repair facilities underpin a lower cost to serve. Our average term hire period is 35.5 months in Spain, 26.3 months in the UK and 12 months in Ireland.\n\n\n\n\nClosing Vehicles on Hire\n\n\n\n\n \n\n\nAugust 2017\n\n\nApril 2017\n\n\nChange (Aug-17 vs. Apr-17)\n\n\nChange (Aug-16 vs. Apr-16)\n\n\n\n\nUK\n\n\n39,300\n\n\n39,500\n\n\n-200\n\n\n-700\n\n\n\n\nSpain\n\n\n39,7001\n\n\n37,700\n\n\n2,000\n\n\n100\n\n\n\n\nIreland\n\n\n3,300\n\n\n3,500\n\n\n-200\n\n\n100\n\n\n\n\nGroup\n\n\n82,300\n\n\n80,700\n\n\n1,600\n\n\n-500\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nFlexible Rental\n\n\n75,100\n\n\n74,700\n\n\n400\n\n\n \n\n\n\n\nFixed Rental2\n\n\n7,2003\n\n\n6,000\n\n\n1,200\n\n\n \n\n\n\n\n \n\n\n82,300\n\n\n80,700\n\n\n1,600\n\n\n \n\n\n\n\n1Including 400 seasonal \"vacation hires\" (c.f. 400 seasonal \"vacation hires\" also in August 2016)\n2Including Spain fixed legacy contracts taken out before lau...