7:39 am, September 2, 2013
VERTU MOTORS PLC has announced continued year-on-year profit growth from new and used vehicles.
The automotive retailer with a network of 97 sales and aftersales outlets across the UK announced the update ahead of its half-year results for the six-month period ended August 31, 2013.
The group has seen profit growth in new and used vehicles sales as well as from vehicle servicing since its Trading Update since its Annual General Meeting in July. The board is confident that further progress will be made during the remainder of the financial year.
Chief executive, Robert Forrester, said: ‘Market conditions in the automotive retail sector remain favourable with growth in new car sales and stability in used vehicle pricing, and the robust and growing platform we have built is ensuring that these trends are converted into improved profits.
‘Service operations in the Group continue to exhibit growth as a consequence of higher levels of customer retention.’
He added: ‘We are pleased with the pace of integration and the performance at the newly acquired Farnell Land Rover business. This business will make a significant contribution to the Group this year.’
