• 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

Vertu revenue grows as vehicle retail volumes drop

Car Dealer Magazine by Car Dealer Magazine
March 3, 2020
0
Home News

VERTU Motors saw like-for-like revenue grow by 5.4 per cent on a 9.4 per cent drop in new retail vehicle volumes in the five months to January 31, it announced today.

A trading update for the network, which boasts 133 sales and aftersales outlets, also reported a 2.3 per cent fall in used vehicle retail volumes. However, service revenue rose by 5.4 per cent, with aftersales in the core group delivering a £2.3m year-on-year uplift in gross profit.

On February 28 – the day before Vertu’s financial year ended – it added to its portfolio in Yorkshire with the £4m acquisition of the Kia Bradford and Honda Bradford business from the Vantage Motor Group, taking the number of outlets operated by the group in Yorkshire to 18.

Vertu chief executive Robert Forrester, pictured, said: ‘I am pleased to report that the board expects the trading performance for the group to be in line with its overall expectations.

‘This result has been achieved through the deployment of discipline, hard work and sector leading systems. Scale will become an increasingly important success factor as the sector evolves and the current pipeline of potential acquisition opportunities is strong, with our robust balance sheet only being deployed over rigorous capital allocation testing.’

The trading update points out that manufacturers are looking to reduce their supply push of parts to the retailer network, and with Vauxhall the latest planning to do so Vertu is forecasting that its financial results for 2020/21 will mean a £0.9m cut in ongoing profit.

Vertu will announce its preliminary results for the year ending February 29 on May 6.

MORE: Vertu expands VW portfolio in £8.8m deal

MORE: Vertu and Cambria to the rescue of Leven Cars Group employees

MORE: Vertu profits drop as Brexit price hikes hit new car demand

Related Posts

Train tickets on fence
News

Feb 28 round-up: £5bn restart grants; Rail fares rise; Free Covid tests for pupils’ families

February 28, 2021
Rishi Sunak
News

Budget 2021: What could it mean for car dealers and the automotive industry?

February 28, 2021
Billy Monger crosses finish line
News

Feb 27 round-up: Sunak warns ahead of Budget; FTSE hit on metal prices; Billy Monger completes 140-mile challenge

February 28, 2021
Volkswagen Passat GTE plug-in electric car being charged
News

VW suffers post-tax profit drop of 37 per cent but says that was better than expected

February 28, 2021
Supercar graphic
News

Moving on up: Here are the top 10 used supercars to buy if you want to see a return on your investment

February 28, 2021
Subaru sign via Newspress
News

Subaru adds three dealers to network with plans for at least 15 as part of restructure that will see 10 leave

February 27, 2021

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