Redde Northgate has published its full year results, revealing a strong recovery post Covid-19.
It reported that group revenue including vehicle sales grew 12% while underlying revenue excluding vehicle sales grew 24%.
Meanwhile, earnings before interest and taxes was up 80% through higher revenues and improved margins and profit before tax rose 62% to £151.3m.
In terms of business highlights, Redde Northgate announced significant new multi-year contracts with the likes of Tesco, Admiral and Acromas Insurance (Saga), as well as key acquisitions including ChargedEV and GRG Resources.
The company has also developed its EV infrastructure and services capability.
Martin Ward, CEO, said: “We began the year with good momentum and this continued through the period with strong performance across the business and our key financial metrics were strongly positive for the year. Rental margins improved in both Northgate UK&I and Northgate Spain, and the Redde business contribution grew substantially as it found a new normal for volumes at approximately 90% of pre-Covid-19 levels together with support from new business wins.
“We have made good progress with our ESG strategy and its reporting and have an important role to play with our expertise and fleet in assisting our customers meet their own carbon reduction ambitions as well as delivering our own net zero strategy.
“Our unique mobility solutions platform is now yielding significant new multi-year business wins which I am confident will continue. The group has already managed a number of macro-economic challenges since the merger and with our enhanced offering we are well placed to deliver on our strategy and navigate the current economic backdrop.”
