Redde Northgate reports ‘encouraging’ results

Redde Northgate has told shareholders that the future looks encouraging with trade remaining strong despite post-Covid challenges and claims and services recovering well.

It held its Annual General Meeting in London, when it said that trading has continued to build on an encouraging start to the year and that although the new van supply market in the UK remains tight, new car availability is improving.

“Margin levels have remained strong, with inflationary pressures being actively managed,” the company said.

Meanwhile, it reported that traffic activity, fuel costs and inflation have had little impact on claims and services, with its car fleet continuing to grow (thanks partly to the acquisition of Blakedale) and previously announced new contracts reaching implementation this year.

The company said, “Whilst mindful of economic uncertainty, the Board remains confident that it has the right strategy to deliver long term sustainable value. The Group is supported by its enhanced mobility solutions platform, the structural growth in outsourcing, a diverse revenue stream and a broad spread of customers providing the business with quality, repeatable long-term contract-backed earnings.”