Northgate drives back to profit

Van hire group Northgate today delivered a return to profits after it shrank its fleet and slashed its debt.

The firm posted first-half profits of £5.7 million having racked up losses of £195.6 million in the previous six months. Northgate cut its fleet of vehicles in the UK from 69,100 to 61,000 and edged up prices.

It also reduced its debts by £180 million to £706 million in the first half.