Northgate PLC Capital Markets Event (6163S)
October 04 2017 - 2:00AM
UK Regulatory
TIDMNTG
RNS Number : 6163S
Northgate PLC
04 October 2017
4 October 2017 This announcement contains
inside information
Northgate plc
Capital Markets Event
Northgate plc ("Northgate") will host a planned event for
investors and analysts in London today. The event starts at 9.30am
and will provide further detail on Northgate's strategy for
delivering attractive returns to shareholders, together with clear
KPIs and medium term objectives.
The event will be hosted by Kevin Bradshaw, CEO, and will
include presentations by Frank Hayes, Managing Director - UK and
Fernando Cogollos, Managing Director - Spain.
A copy of the presentation will be available from 9.30am GMT on
our website: www.northgateplc.com.
Kevin Bradshaw commented:
"We have now concluded our strategic review of the business and
today I look forward to taking the market through the significant
opportunities to deliver shareholder value in both our core and
adjacent markets. This will be driven through a combination of
self-help and initiatives that will grow our market share in these
markets."
Presentations will include the following targets in respect of
the financial years ending 30 April 2018-2020.
Group Actual Target Target Target
FY17 FY18 FY19 FY20
--------- ---------------- ------- --------------- ------- -------
Rental Average VoH -1.7% Mid to high single digit
Growth (Q4 % growth per annum
vs Q4 Prior
Year)
--------- ---------------- ------- ---------------------------------
Marginal Substantially higher
ROCE on New than Group WACC
and Redeployed
Capital
--------- ---------------- ------- ---------------------------------
Rental Margin 14.2% Minimum of 2% pts growth
%* by FY20
--------- ---------------- ------- ---------------------------------
Disposal Units Sold 33,800 High single digit % growth
per annum
--------- ---------------- ------- ---------------------------------
Net Profit 976 Decline Broadly Flat
per Unit (Depreciation
(GBP) unwind)
--------- ---------------- ------- --------------- ----------------
Group Corporate 1% Remaining flat to reducing
Overhead/Sales over the period
--------- ---------------- ------- ---------------------------------
Group ROCE 10.5% Substantially higher
than Group WACC
--------- ---------------- ------- ---------------------------------
UK Actual Target Target Target
FY17 FY18 FY19 FY20
--------- -------------- ------- --------------- ----------- ----------
Rental Average VoH -7.5% Broadly Mid to high single
Growth (Q4 flat digit % growth
vs Q4 Prior pa
Year)
--------- -------------- ------- --------------- -----------------------
Rental Margin 13.5% Minimum of 2.5% pts growth
%* by FY20
--------- -------------- ------- ----------------------------------------
Disposal Units Sold 20,400 Strong growth driven
by VoH de-fleets, selective
fast cycling and 3(rd)
party stock
--------- -------------- ------- ----------------------------------------
Net Profit 703 Decline Broadly Flat as
per Unit (Depreciation increased retail
(GBP) unwind) penetration offsets
third party mix
--------- -------------- ------- --------------- -----------------------
Spain Actual Target Target Target
FY17 FY18 FY19 FY20
--------- -------------- ------- --------------- --------- --------
Rental Average VoH 4.4% >10% Continued double
Growth (Q4 digit % growth
vs Q4 Prior pa
Year)
--------- -------------- ------- --------------- -------------------
Rental Margin 15.8% Minimum of 1.5% pts growth
%* by FY20
--------- -------------- ------- ------------------------------------
Disposal Units Sold 12,700 Strong growth driven
by VoH de-fleets and
selective fast cycling
--------- -------------- ------- ------------------------------------
Net Profit 1,589 Decline Broadly Flat
per Unit (Depreciation
(Eur) unwind)
--------- -------------- ------- --------------- -------------------
* Rental Margin % represents underlying operating profit
(excluding disposals) divided by hire income (excluding costs
passed through to customers).
No new current trading information will be disclosed during the
Capital Markets Event.
For further information, please contact:
Northgate plc 01325 467558
Kevin Bradshaw, Chief Executive Officer
David Tilston, Chief Financial Officer
MHP Communications 020 3128 8100 / northgate@mhpc.com
Andrew Jaques
Barnaby Fry
Simon Hockridge
Ollie Hoare
Notes to Editors:
Northgate plc is the leading light commercial vehicle hire
business in the UK, Ireland and Spain by fleet size and has been
operating in the sector since 1981.
Northgate's core business is the hire of light commercial
vehicles to businesses on a flexible or term basis, giving
customers the ability to manage their vehicle fleet requirements in
a way which can adapt to changing business needs without the
requirement to enter into a long term commitment. Further
information regarding Northgate plc can be found on the Company's
website: www.northgateplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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