Northgate reverses sharply after profits warning

Commercial vehicle hire specialist Northgate said tough conditions in the UK and Spain mean the company is driving with the brakes on, as a result of which it looks like the company is heading for a full year destination that is at the southern end of the range of market expectations.

Commercial vehicle hire specialist Northgate said tough conditions in the UK and Spain mean the company is driving with the brakes on, as a result of which it looks like the company is heading for a full year destination that is at the southern end of the range of market expectations.

In the UK, vehicle utilisation in the four months to February 29th has averaged 88% compared to 90% in the six months ended 31st October 2011 (the halfway point of the group's financial year).

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