8:50 pm, October 21, 2011
DEALER group Vertu has released its interim results for the six months ended August 31.
The firm’s new car retail market share rose 37 per cent to three per cent, and the group’s profits were up in September.
Gross margin rose by 0.1 per cent to 11.6 per cent with ‘aftersales margins improving in all areas, reflecting strategic focus’.
However, like-for-like used car volumes declined by 5.9 per cent ‘reflecting tougher consumer environment’.
Robert Forrester, chief executive, said: ‘I am pleased to report that against the backdrop of continued pressure on the UK consumer, the Group has continued to deliver and invest in its growth strategy.
‘We have opened a further seven sales outlets since 1 March 2011 taking the total to 82. In addition, our new like-for-like retail car volumes were 10 per cent better than the market and aftersales continues to be robust. The Group continues to generate substantial amounts of cash.
‘With our strong, ungeared balance sheet and the on-going significant operational cash generation Vertu Motors is clearly in a position where current market weakness will create further acquisition opportunities in line with our growth strategy.’
