According to the source, it was revealed that the largest van rental company, Northgate has crossed all its expectations in the year until 30 April. The outlets of Northgate are situated in UK and Spain. The company has achieved and crossed its targets in spite of the economic uncertainty in the country.

It was observed that the pre-tax profit was up by 47 per cent to £53.8m (£36.5m) and after impairments the pre-tax profit was £26.5m (£9.6m). The shares have increased by 5.7 per cent to close at 327.9p.

Revenues decreased to £715.5m from £749.6m, facing the challenging trading conditions in Spain. However, Northgate has claimed that its Spanish business has managed to reduce its reliance on the construction sector from 55 per cent in 2010 to 37 per cent in 2011 by increasing its distribution. It reported lately that its management is working to gain maximum returns.

Even in the time of recession, the business is expanding and growing due to which the debt was reduced by £68.4m to £529.9m (£598.3m) and increasing to 163 per cent (213 per cent).

It was also observed that the UK has delivered the profits of £73.6m on the revenue collection of £436.9m whereas the Spanish has achieved profits of £36.6m.