Car dealerships group raises profits guidance

Car dealership group Vertu, which includes Bristol Street Motors in Stafford and West Bromwich, has upgraded its profit forecast for the current financial year.

Bristol Street Motors in Stafford. Photo: Google StreetView.
Bristol Street Motors in Stafford. Photo: Google StreetView.

It had previously expected pre-tax profits of no less than £65 million for the year to end of February.

The board now anticipates they will be £70m or more.

Group profitability in October and November continued to be delivered in excess of its business plan and last year's levels despite shortfalls in the supply of both new and used vehicles in the UK due to the ongoing dislocation in supply chains impacting global vehicle production.

New vehicle supply to the group in October and November was better than envisaged and was sold at enhanced margins.

Customer demand has remained positive, with strong future order banks in all new vehicle channels.

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