Record half year revenue for motor dealership group
Car dealerships group Vertu Motors achieved record revenue in the six months to the end of August.
It was up from £1.99 billion to £2.42bn with adjusted pre-tax profit up 11.7 per cent to £31.5 million.
Vertu has a network of 190 sales and aftersales outlets across the UK, including Bristol Street Motors in Stafford and West Bromwich.
Chief executive Robert Forrester said that profit growth had been helped by increased scale.
"The consistent strategies around digitalisation, cost efficiency, smart capital allocation and the development of our management and colleagues is providing a firm grounding to deliver value to our shareholders.
"The interim dividend increase of 21.4 per cent shows the group's financial strength and the progress being made. Trading in the key month of September was strong reflecting the plate change in new cars."
The strategy to grow a scaled franchised dealership group continued with with successful integration of the significant Helston acquisition
Bristol Street Motors remains the highest-ranking franchised dealership brand in England for prompted brand awareness.
The board anticipates that full year profits will be in line with current market expectations.