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REDD Redde Northgate Plc

-2.00 (-0.46%)
Last Updated: 12:46:45
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Redde Northgate Plc LSE:REDD London Ordinary Share GB00B41H7391 ORD 50P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -2.00 -0.46% 428.50 428.00 429.00 431.00 423.50 430.00 266,318 12:46:45
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Passenger Car Rental 1.49B 139.24M 0.6141 6.98 971.59M
Redde Northgate Plc is listed in the Passenger Car Rental sector of the London Stock Exchange with ticker REDD. The last closing price for Redde Northgate was 430.50p. Over the last year, Redde Northgate shares have traded in a share price range of 310.50p to 433.00p.

Redde Northgate currently has 226,741,545 shares in issue. The market capitalisation of Redde Northgate is £971.59 million. Redde Northgate has a price to earnings ratio (PE ratio) of 6.98.

Redde Northgate Share Discussion Threads

Showing 4726 to 4748 of 4900 messages
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That IC article end with:

Higher borrowings, and potential fears about a decline in the residual value of its fleet as shortages ease, may explain why the market was unimpressed – the shares fell by 6 per cent in early trading and are priced at under seven times forecast earnings.

Its borrowing costs are low, though, at just 3.1 per cent – almost 40 per cent of its debt is long-term notes that don’t mature for another four years. Cash generation also remains strong at just over £190mn and the company continues to win new business. Given the 6 per cent dividend yield on offer and the fact that the jobs market remains robust, we upgrade to buy.

Apologies in advance for my lack of understanding but a holder of shares, why the big drop today??
Van shortage could last for two more years, Redde Northgate boss warns

Redde Northgate has record revenue and profit as soaring van hire demand outstrips supply

Van hire demand and strong Spanish economy drives record Redde Northgate results

Redde Northgate still moving forwards

I'm not knocking the business, just adding possible bear views. Not a holder but have been close to pulling trigger previously!
True John but they have additional business to finance and an additional 4000? Cars plus taken over a business and bought back 7% of the company?

If anything rising rates will squeeze out smaller suppliers and the scale in which they operate with vehicles continuously in/out of the fleet they should be able to react accordingly with the scale they have.

Anyhows I remain a holder and will continue to add when dividends are available as I think this is mid priced.

Debt up, cash generation down...

Huh - what on earth are you expecting here ?

Revenue has gone up from £1.25 bill to £1.5 bill
they had net capital expenditure on new vans of £278 mill - half of which is growth capex.
Bearing in mind they earn their crust by having more vehicles - them having more vehicles available to hire should be an obvious plus point not a negative (unless you take viewpoint they are expanding at the wrong time)

Proof of the pudding is plant book value is up £171 mill - thast materially more increase than increase in debt.

I have no idea why you are surprised the extra investment in vehicles (and company acquisitions) would add to debt medium term. Note debt is half the value of the plant - so presuming they can sell vehicles at anything like book value the debt is a non issue. If work does dry up they simply sell their vehicles. Ie debt simply tracks the size of the sales and fleet - albeit investment will normally be front loaded - ie you buy a van then start earning from it !

Debt up, cash generation down...
Nothing not to like here - the only real issue is they have ben in such a sweetspot ref demand and supply - i can only think the market doesnt believe they would do nearly as well if supply exceds demand. That is a slight woryy if van production ramps up so manufacturers need to sell them dirt cheap - could they still command great margins. Nowt we can do about that posibility and i am 100% satisfied with how the board run teh company - they seem to be doing enough to me to make the ups and downs of van prices and supply demand les of an issue - ie providing long term value added service hopefully for more of their customers.
Madness. Can’t believe understand that myself.
Agree. Me too!Be interesting to see what the share price does as seems too cheap.
A PE of around 7, cracking divi and tangible assetts of 3.28.

Way under valued.

Superb set of results, even exceeds what I was expecting.
Results tomorrow
I would say so, it is covered more than 2 times.

The PE is about 7, so not expensive.

I like the look of the dividend.
I like the NAV
I like the cash
So I bought this too.

Is the 5.85% dividend yield reasonably safe?

Can't find how much they paid but from FridgeXpress accounts their net book value was £14.8m at 31st March 2023.
deanYeah I appreciate that, and as you say asset backed, circa £1.1bn from memory.
Do's anyone know how much was paid for FridgeXpress.
I’d expect it to Dave, unless they sweat assets more they need to buy more cars, all about the margin difference and these guys know how to do that.

All asset backed as well.

Looks okay, just net debt has increased quite a bit.
Pre-close Trading Update

Strong FY23 performance across the Group

Acquisition of specialist refrigeration vehicle provider, FridgeXpress

Redde Northgate (LSE:REDD), the leading integrated mobility solutions platform providing services across the vehicle lifecycle, today announces its pre-close trading update for the year ended 30 April 2023, ahead of the announcement of full year results scheduled for Wednesday 5 July 2023. Redde Northgate also announces the acquisition ofFridgeXpress (UK) Limited("FridgeXpress"), a leading provider of specialist refrigerated vehicles to a broad range of commercial customers in the UK.

Group trading

Trading across the Group remains strong and performance for the full year is expected to be in line with the upgraded expectations set out in the Group's trading update on 19 April 2023.

Based on unaudited results, underlying revenues (excluding vehicle sales) are c. 22% higher than FY22 and total Group revenues (including vehicle sales) are also c. 22% higher than the prior year.

Whilst cost inflation has been felt across the Group, it continues to be carefully managed and margins have been in line with expectations. The business operates with significant headroom on its committed facilities with net debt at the year-end of £694m.

Acquisition of FridgeXpress

Redde Northgate plc also announces that it has completed the acquisition of FridgeXpress, a leading provider of specialist refrigerated vehicles to a broad range of commercial customers in the UK. Founded in 2008 and based in Rugby, the business provides over 600 chilled and freezer vans and trailers to more than 100 customers nationwide, principally in the pharmaceutical and food sectors.

The acquisition is expected to be earnings enhancing in its first full year of ownership and will broaden Northgate Vehicle Hire's range of specialist LCVs in the UK. It follows the July 2022 acquisition of traffic management specialist Blakedale, which has grown its fleet by over 30% in the past year.

Commenting on the acquisition and the performance of the Group, Martin Ward, CEO Redde Northgate said:

"With FridgeXpress, we continue our record of acquisitions offering significant potential for growing both customers and fleet. It has an impressive track record and an excellent reputation in its specialist sector and this acquisition extends our UK capabilities.

In respect of the unaudited results, we are very pleased to have maintained such a strong trading performance through FY23, whilst executing the strategy we set out to build a broad platform of integrated mobility services. Demand continues to be robust as we start FY24 and as we continue to make progress with our strategy the Group sees a number of exciting opportunities across the business to create long-term value for shareholders."

Notice of results

The Group is planning to announce its preliminary results on 5 July 2023 and publish its Annual Financial Report and Sustainability Report shortly thereafter.

swiss paul
Yes, tomorrow:
Possible pre close trading update this week?
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