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Northgate (LSE: NTG) is a commercial vehicle-rental business operating in the UK and Spain. In June last year its share price plunged after results for the year ending 30 April showed a 7% decrease in profits from £77.6m to £72.2m. It was blamed on a drop in rented vehicles to 39,500, down from 42,400 vehicles the year before, causing major shareholders to push for the firm to sell itself for £800m. Half-year results to the end of October showed revenues up by 10% at £349m, but much of this came on the back of the recovering Spanish economy. Pre-tax profits slumped by 16% to £33m.
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