• Car Dealer Plus
No Result
View All Result
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
No Result
View All Result

Oct 7 round-up: Lockdowns not working; Driver video calls; New McLaren hybrid

Kia dealers' outstanding performance recognised with President's Acceleration Award

Home News

Vertu Motors rebounds from huge losses during lockdown to post impressive profit for first half of year

James Baggott by James Baggott
October 9, 2020
in News
0

Vertu Motors has bounced back from the lows of the national coronavirus lockdown to post a £4.7m profit for the first six months of the year.

The group managed to achieve revenues of £1.12bn despite dealerships being forced to close for 10 weeks.

In interim results announced to the Stock Market this morning, the group said it lost £14.3m in the first quarter due to the lockdown.

However, it rebounded strongly with its best ever September performance resulting in a second quarter profit of £19m – the same period last year generated ‘just’ £3.8m profit by comparison.

  • Join our breaking news WhatsApp group – Click here to join now

Robert Forrester, Vertu chief executive, said: ‘The energised Vertu team delivered a safe operating environment for customers and colleagues and an outstanding trading performance as lockdown was eased.

‘Individual records in used cars, aftersales and new cars were set across the group. We did the basics well and have increased investment in omni-channel technology, which has been received enthusiastically by customers.

‘This is an exceptional performance in the circumstances. We are well placed for the opportunities that an uncertain future offers.’

Forrester thanked his colleagues, manufacturer partners and key suppliers for their support during the ‘unprecedented period’.

Shares in Vertu have almost doubled since the start of the pandemic. In March they fell to a low of 17.2p, but today were trading at 31.5p.

The group has managed to slash costs by £10m and said its omni-channel capabilities (online sales) had been enhanced with better technology and colleagues had been performing at ‘high productivity levels’.

Many dealership groups have cut staff numbers and are realising that the benefits of online sales solutions and less staff mean increased profits.

Vertu’s results show the group has strong cash flow with operating cash at £80m during the period and net cash of £36.5m.

Vertu added in its report: ‘The result for the 7 months to September 2020 gives the board confidence that a strong financial outcome will be delivered in the full financial year.

‘[And] the group is well positioned to benefit from continued consolidation.’

Last week, Vertu announced it had acquired Sandicliffe’s Kia dealership in Nottingham.

David Kendrick, a partner at UHY Hacker Young, tweeted: ‘Great set of interims @vertumotors! Some more positivity which is what the industry needs as we head into Q4. Let’s hope the momentum continues.’

Car Dealer will be speaking to Forrester this morning in an exclusive video interview. Check back later this morning to watch it.

  • Car Dealer Mag issue 151 out now – Read it here
  • Have you nominated yourself for a Used Car Award? – Do it here
  • Which is the best car manufacturer to represent? – Find out here
Previous Post

Oct 7 round-up: Lockdowns not working; Driver video calls; New McLaren hybrid

Next Post

Kia dealers’ outstanding performance recognised with President’s Acceleration Award

Next Post
Kia dealers’ outstanding performance recognised with President’s Acceleration Award

Kia dealers' outstanding performance recognised with President's Acceleration Award

Want the latest news?

Sign up to Car Dealer's daily news email updates

Subscribe
How many car dealerships does each manufacturer have in the UK? Car Dealerships Locations List 2021 revealed
News

How many car dealerships does each manufacturer have in the UK? Car Dealerships Locations List 2021 revealed

February 24, 2021
Used Car Awards with Mike Brewer and James Baggott graphi
News

Who won what at the Used Car Awards 2020? Mike Brewer reveals our winning car dealers

February 11, 2021
Car Dealer issue 156 front cover and Used Car Awards
Online Magazine

Out now: Car Dealer issue 156 features our Used Car Awards, H.R. Owen CEO Ken Choo and lots more

February 23, 2021
Used car market stronger than ever as August sees sales up by nearly 50 per cent for Big Motoring World
News

Opinion: Here are 10 reasons why I think there’ll be a rapid recovery in car sales when lockdown ends

February 16, 2021
Trophy Cars forecourt
News

Investigation: Meet the hyper-specialist car dealers making their money from weird and wonderful motors

February 11, 2021
Become a Car Dealer Plus member and get more out of this website including free legal advice
News

Become a Car Dealer Plus member and get more out of this website including free legal advice

January 15, 2021
Car Dealer Top 100 – The list in full of the most profitable car dealers in the UK
Car Dealer Top 100

Car Dealer Top 100 – The list in full of the most profitable car dealers in the UK

February 10, 2021
Bitcoin ATM terminal
News

Will car dealers in the UK accept Bitcoin for payment? Dealers speak out after Tesla plans to accept cryptocurrency 

February 18, 2021
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
Call us: 020 8125 3880

© 2020 Blackball Media

No Result
View All Result
  • Car Dealer Plus
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100

© 2020 Blackball Media

Log In
Register
Register
Server C