Northgate Vehicle Hire saw revenues increase by 28.2% to £551,000 in the year ending 30 April 2024.

Financial figures published for the rental and mobility solutions provider showed turnover within its vehicle hire business increased slightly to £334.8m (£333.2m) and revenue from vehicle sales more than doubled to £216.3m (£96.7m).

Pre-tax profit reduced from £104.9m in 2023 to £42.4m last year and operating profit reduced by 37.1% to £80.5m.

In the company’s business review it said: “The reduction in operating profit of £47.4m included a £43.5m reduction due to the adjustment to vehicle depreciation rates made in the prior year on the older fleet cohort due to higher residual values.

“Included within operating profit is £35.2m for adjustments made to the depreciation charge on disposal of vehicles for hire.

“Residual values continue to be strong but have reduced in the year as expected.”

In December, Northgate announced two senior promotions to support its One Road initiative, which enables fleets to access services from all its companies through a single relationship, aiding a ‘one team approach’ for the business.

Chris has covered a broad range of significant issues, including GPS jamming by criminals, platooning, Brexit and the impact of the Covid-19 pandemic, the lack of safe and secure lorry parks and he helped secure the release of a lorry driver in a Polish jail due to misuse of the European Arrest Warrant.View full Profile

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