Poor consumer spending and economic turmoil blamed for 17% Northgate profit drop
By Kyle Lindsay
Tuesday, June 25, 2013 - 10:09
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Lacklustre consumer spending in Britain and economic turmoil in Spain are being blamed for a 17% decline in Northgate profits.
The van rental company claim the two factors impacted on vehicle hiring, with underlying pre-tax profits falling to £49.5million in 2012/13 from £59.7million in 2011/12.
Revenue decreased 14% to £609.9million last year, but Northgate claim their current financial year is trading in line with expectations.
Northgate rent out vans to engineering, distribution and retail companies in Britain, Spain and the Republic of Ireland.
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