UK's Redde Northgate gains on upbeat FY outlook

ZIGUP

06/12/2023 09:49

** Shares of commercial vehicle rental provider Redde
Northgate  REDD.L  up 5.9% at 380.8p
    ** Stock among top pct gainers on FTSE midcap index  .FTMC 
and is set for its best day in a year
    ** Co expects FY earnings to be modestly ahead of market
consensus and is also confident on H2 outlook
    ** This after posting a ~17% jump in H1 underlying revenue
to 733.8 mln pounds ($925 mln)
    ** Peel Hunt says" "Demand remains robust and with easing
headwinds (vehicle supply and inflation), we remain confident in
continued delivery"
    ** Stock down 7.6% YTD
 
 ($1 = 0.7933 pounds)

 (Reporting by Zainab Saifuddin Saifee in Bengaluru)