Vertu delivers profit
Car retailer Vertu Motors said it has delivered a trading profit in an update ahead of the announcement of its results for the six-month period to August 31.
The company, which includes Bristol Street Motors in Stafford and West Bromwich, said its profit was helped by the £120m Helston acquisition which was completed in December of last year.
However, Vertu did report used vehicle like-for-like volumes declined 6.3 per cent in the five months ending July 2023.
Rising interest rates have meant that the Group has this year been unable to run its popular 0% finance offers on used vehicles during event periods as it did in the prior year.
This change in approach, along with a continued lack of supply of used vehicles has driven the reduction in the number of like-for-like used vehicles sold.
Robert Forrester, Chief Executive Officer of Vertu Motors, said: "I am pleased to report that trading remains positive.
"The entire Vertu team has put in hard work and dedication once again, and I would like to thank them all.
"Used car pricing has remained firm and we have gained market share in the new car market. The performance of our high margin aftersales business has remained strong.
"The integration of Helston Garages remains on track to deliver the planned synergies.
"The Board remains optimistic for the future, we anticipate that full year results will be in line with current market expectations, and we are excited about the opportunities our enlarged portfolio will create for Vertu Motors."