Vertu performing well

Time 9:09 am, October 17, 2012

VERTU MOTORS – one of the UK’s largest dealer networks – has been performing well, say figures from the company.

Revenue for the group over the least six months is up 14.8 per cent to £628.1 million, ahead of a 7.9 per cent like-for-like rise in retail volumes of new cars.

It’s not just new models pushing the rises, though – volume and margins for used cars have both risen, allowing for a 13.2 per cent increase in like-for-like gross profit generation.

Service area revenues increased 4.1 per cent too – something Vertu says reflects the ‘on-going success’ of their customer retention strategy.

10 new sales operations have opened too – increasing the number of Vertu Group outlets to 86 across the UK.

The group anticipates that overall profits before tax will have increased 26.8 per cent by the end of the year – up to £5.2 million from £4.1 million last year.

‘I am delighted to report that the Group has delivered an excellent profit performance for the first half of the financial year,’ said Chief Executive Robert Forrester.

‘With our strong balance sheet, the Group continues to execute its growth strategy and further acquisition opportunities are being actively progressed. This, coupled with the turnaround strategy that we implement following the acquisition of new businesses, will continue to underpin shareholder value growth.’

Jon Reay's avatar

Staff Writer Jon is one of the Car Dealer team's newest members. You can also find him contributing to AOL Cars.

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