Northgate drives back into the black by £9.6m
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Your support makes all the difference.The commercial van hire company Northgate said it had swung back into the black after cracking down on costs and obtaining higher prices for its second-hand vehicles.
The Darlington-based business, which operates in the UK and Spain, is close to completing a restructuring which will see its hire companies cut from 20 to 12 and brought under a common brand, saving an annual £10m from next year.
Depot numbers have been cut from 80 to 65 and Northgate shed 131 jobs – 6 per cent of its staff – over the year. These measures and a £6.5m boost from recovering second-hand prices helped Northgate to make a pre-tax profit of £9.6m for the year to 30 April – bouncing back from a £195.6m loss.
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