9:19 am, September 4, 2025
Dealer group Vertu says it expects its full-year profits to be in line with market expectations as the firm welcomed the government’s attempts to boost EV sales.
The publicly-listed car dealer has today published a trading update via the London Stock Exchange, in which it told investors that the firm remains on course to make a pre-tax profit of £27.2m in 2025.
And while the recently-introduced Electric Car Grant has proved controversial, with only a handful of models so far eligible for the full discount, Vertu says it is ‘pleased’ with the ‘encouraging development’.
The firm admitted that, in the short term, the measures had led to some customers deferring EV purchases, but backed the measures to help stimulate the market over time.
Boss Robert Forrester, an outspoken critic of the ZEV mandate, also welcomed steps to relax the measures, which were announced earlier this year.
The board also noted the recent High Court ruling on motor finance but does not expect to have to make provisions to fund any redress scheme.
#VTU delivered strong growth in high margin aftersales business due to improved pricing and benefits of a number of Group initiatives
— Robert Forrester (@vertumotorsCEO) September 4, 2025
Elsewhere, Vertu says that used car volumes and margins have remained ‘stable’ and it has benefitted from ‘strong growth in high margin aftersales’.
The firm’s interim results for the six-month period ended August 31 are expected to be published on October 8, but in the meantime, Forrester says that the group remains ‘well-positioned with stable management and a strong balance sheet’.
He said: ‘I am pleased with the group’s performance in the first half as we have navigated a subdued consumer backdrop and continued uncertainty in the new car market caused by the Government’s Zero Emissions Vehicle mandate.
‘The board expects results for the full year to be in-line with expectations driven by a continued strong performance from our high margin aftersales business, and greater affordability in the new electric vehicle market with more sub £20,000 new EVs available and a series of Government grants to stimulate EV activity now in place.
‘Encouragingly, the September new retail order book is slightly ahead of last year and likely to benefit from the new grants regime.
‘Vertu benefits from a strong balance sheet with low gearing, stable leadership and motivated team such that when opportunities arise, we can allocate capital in a disciplined and flexible way to benefit our shareholders.’
#VTU announces trading update this morning; full year FY26 adjusted PBT expected to be in line with current market consensus – watch the interview here – https://t.co/jwKyioqeMs
— Robert Forrester (@vertumotorsCEO) September 4, 2025
The latest documents, which cover the five-month period to July 31, reveal that that group’s new car volumes grew 1.4%, despite ‘continued pressure from the ZEV mandate and the impact of declining consumer confidence’.
Going forward, the group is close to opening new BYD sites in Hartlepool, Macclesfield and Morpeth, as well as a Nottingham Skoda franchise.
You can see the full trading statement here.
