- Commercial vehicle hire group Northgate posted a 7.4% fall in first-half profit as its margins shrunk.

Pre-tax profit for the six months through September fell to £28.7m, even as revenue rose 6.9% to £374.0m.

The company declared an interim dividend of 6.2p per share, up 1.6% on-year.

'Our reported performance in the first half reflected the difficult strategic decisions we took in the second half last year,' chief executive Kevin Bradshaw said.

'Consequently, despite strong revenue growth, our margins, profits and ROCE are lower, as expected, compared to the first half of last year.'

'We remain confident, however, about the positive trajectory of the business going forward, and we are on track to meet our full year expectations.'

At 3:02pm: [LON:NTG] Northgate PLC share price was -3.6p at 386.4p

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