DARLINGTON-headquartered vehicle hire group Northgate has reported soaring profits following a restructure.

Pre-tax profit rose by 47 per cent to £53.8m in the year to 30 April 2011 thanks to increased hire rates and a strong used car market, although turnover dipped from £750m in 2010 to £715m.

Northgate, which completed a £100m refinancing earlier this year, added that it had started the current financial year in line with expectations.

The business said it was making further progress with the restructuring of its UK and Spanish operations.