Zigup reflects on 'a year of significant progress'

VEHICLE hire and mobility company Zigup has released results ahead of expectations despite a fall in revenues and profits.

- GRAEME WHITFIELD

The Darlington-based firm, formerly known as Redde Northgate, has released preliminary results for the year to the end of April in which overall revenues fell 1% to £1.81bn. Profit before tax fell 37% to £101.5m.

But Zigup said that underlying revenues excluding vehicle sales revenue, exceptional items and amortisation of assets had risen 2.3% to £1.55bn while the fall in underlying profits was less marked (down 7.6% to £166.9.)

The company's vehicle hire revenues rose by 5.2% with greater growth in its Spanish market than in the UK and Ireland. It grew its fleet to 131,000 vehicles thanks to improved supply.