Vertu Motors races to record profits

Robert Forrester, CEO of Vertu Motors
Robert Forrester, CEO of Vertu Motors
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Automotive retailer Vertu Motors Plc reported record half year profits and cash flows, and the company said it now expects full year results to race ahead of expectations.

Vertu, which has a network of 119 sales and aftersales outlets across the UK, said revenue had increased 14 per cent and that pre-tax profit was up 28.1 per cent in the six months to August 31.

Robert Forrester, chief executive of Vertu Motors, said: “We are delighted with this record first half performance in terms of profitability and cash generation, which has given us the confidence to increase the interim dividend significantly.

“Recent acquisitions, growth in high margin aftersales activity, improvements in organic performance and the disposal of underperforming businesses and assets are all underpinning improved returns.

“We now expect to deliver results ahead of expectations for the full financial year.

“The group has a strong balance sheet and net cash position, despite significant capital expenditure and acquisition investment in the period. This, together with the operational management strength in the Group, gives the Board great confidence to keep growing the business, organically and through acquisitions, in the period ahead as the ongoing consolidation of the sector continues.”