8:46 am, May 16, 2012
THE expanding Vertu Motor Group plc today announced a strong set of results.
The upbeat statement from the company, now the UK’s ninth largest motor retailer, said revenue was up 8.9 per cent to £1.09bn, reflecting its continuing acquisition activity, and profit before tax had increased by 3.8 per cent to £5.5m.
Its market share increased to more than three per cent of the private new car market.
And the business was continuing to perform well, with its trading performance during March and April significantly ahead of the same months in 2011.
Chief executive Robert Forrester said: ‘The group has successfully navigated a challenging period for the industry driven by reduced customer demand in 2011.
‘Increased profit before taxation, strong cash generation and the continued development of the dealership portfolio were delivered.
‘The group saw revenues in excess of £1bn for the first time and profit momentum was re-established in the second half of the year. From the start of 2012, market conditions have improved in the retail car sales sector. The new car market has returned to growth and used car demand has been robust.’
Vertu trades under the Bristol Street Motors, Macklin Motors, Vertu Honda and Bristol Street Motor Nation brands. The group was formed in 2006 and now operates 85 franchised and three non-franchised sales operations across the UK.
It is continuing its progressive dividend policy with a proposed final dividend of 0.4p per share and total dividends for the year up 20 per cent to 0.6p per share.
Forrester added: ‘The board remains committed to its growth strategy supported by the strong financial position of the group.’
