10:18 am, October 12, 2016
VERTU Motors plc has reported record pre-tax profits of £18.7m, up 14 per cent, in its half year results out this morning (October 12).
The group also reported that revenues increased by 17.7 per cent to £1,454.6m from £1,236.1m in the first half of 2015.
Vertu Motors has crediting the trading performance to an improvement in recently acquired business and stronger used car performance, plus a higher margin service area. The additions of Mercedes-Benz and Toyota were part of the group’s growth strategy to improve its premium car offering have also paid off.
Group gross profit margins increased from 10.6 per cent to 11.1 per cent, while group service gross profit margin strengthened from 76.9 per cent to 77.9 per cent.
Like-for-like used vehicle volumes increased 8.5 per cent for the tenth consecutive half year period of growth, while like-for-like used car margins strengthened from 10 per cent to 10.7 per cent. In total, car and van volumes sold increased 10.7 per cent. However, group like-for-like new car retail volumes were down 4.2 per cent.
CEO Robert Forrester commented: ‘I’m pleased to say they’re a record set of results, based on the back of some fabulous performances across our group in terms of sales.’
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