VAN hire giant Northgate has reintroduced a dividend for shareholders after a posting strong results.
The Darlington-based business, which operates across the UK and Spain, posted a 1.2% fall in revenues to £706.7m but pre-tax profits jumped to £46m from £26.5m in the year to the end of April.
The group also reduced its debt by £158.6m to £371.3m and announced the full year dividend of 3p per share.
Northgate, which is the market leader in both its markets, said the restructuring of the group is now largely complete.
Chairman Bob Mackenzie said: “The group retains its strong, market leading position in both the UK and Spain.
“With the majority of the restructuring completed the group will continue its strong disciplines of asset management, cash generation and cost control whilst at the same time maximising profitable growth where the appropriate return exists.
“Whilst this will be challenging in the awful economic situation Europe finds itself, the board is confident that the dedication and hard work shown by all our employees over the past two years provides the group with a strong platform upon which to build.
“The group has begun the new financial year in line with the board's expectations, and the board is confident the group is well placed to deliver significant value to shareholders.”