10:35 am, September 5, 2012
AUTOMOTIVE retailer Vertu Motors has pledged to stay on the acquisition trail as its profits grow from new and used vehicle sales as well as servicing.
The group, with a network of 82 sales and aftersales outlets across the UK, has released a trading update ahead of the publication of its half-year results next month.
And there have been a number of developments across the company in recent weeks.
On July 31, the group refranchised the Bristol Street Motor Nation used car outlet in Doncaster to the Honda franchise. This is the group’s sixth Honda car dealership and further extends its Honda territory, which now stretches from Boston to Doncaster.
On August 13, the group introduced the Hyundai franchise to the Mansfield site acquired in June 2012. This is the group’s fifth Hyundai car dealership and complements the existing operation in Nottingham.
In August, the group closed two unprofitable accident repair centres, in Stafford and in Dunfermline. The group now operates eight accident repair centres.
Investment in growth remains at the top of the board’s agenda, and the group has a strong pipeline of attractive acquisition opportunities.
Chief executive Robert Forrester said: ‘We are seeing like-for-like year-on-year profit growth from new and used vehicle sales and importantly from vehicle servicing.
‘This has been further bolstered by profit progress from acquisitions we have made in the last few years. We are focused on growth and plan to use our strong balance sheet to make a number of acquisitions in the weeks and months ahead.’
The group will announce its half-year results on October 17.
