Vertu Motors announce strong lift in sales and profits

Motor dealers Vertu have announced a giant leap in revenues and profits its interim results for the six months ended 31 August 2013

Robert Forrester, Chief Executive of Vertu Motors
Robert Forrester, Chief Executive of Vertu Motors

Motor dealers Vertu have announced a giant leap in revenues and profits its interim results for the six months ended 31 August 2013

The Gateshead-based firm, which runs network of 99 sales and aftersales outlets across the UK, said turnover increased by 33.3% to £837.2m and pre-tax profits rose by 68.6% to £8.6m.

Fleet car volumes we also up by 28% for the period, and there was continued strong trading performance in September, with a 28% like-for-like new retail volume increase and continued market share gains.

Directors have recommended an interim dividend of 0.3p, up 20% on last year, to be paid in January 2014.

The strong results led the board to predict that full year results will be significantly ahead of market expectations.

Robert Forrester, chief executive, said: “The board is delighted with the strong results announced today having pursued its successful buy and build strategy for over seven years. 

"With profit before tax up 69% and operating cash generation up 285%, we believe the results reflect a strong market, combined with our growing maturity as a business and are a testament to the continued hard work of all our colleagues.”

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