VEHICLE hire firm Redde Northgate yesterday posted a record year on the back of strong vehicle hire demand, with appetite for light commercial vehicles (LCV) continuing to "outstrip supply".

The Darlington-headquartered firm saw revenues of over £1.4bn, up 19.8 per cent year-on-year, with pretax profits at £178.7m, up 34.7 per cent.

Redde Northgate saw its total fleet number rise to over 130,000 vehicles, but noted the scarcity of LCVs.

Acquisitions of Blakedale, which supply specialist traffic management vehicles, and frozen delivery van specialist Fridgexpress helped it deliver its goals, the company said.

CEO Martin Ward hailed the "excellent set of results" and said the company was primed to seize new opportunities.

(c) 2023 City A.M., source Newspaper