Vertu Motors announces profit increase
A Gateshead-based automotive company has said it is on the road to further growth after announcing a 22% hike in profits.
Vertu Motors’ revenue also rose by 22% to £998.9m from £818.9m, reflecting the impact of acquisitions and growth in the underlying business.
CEO Robert Forrester reportedly said the two key elements of the group’s strategy - growth through acquisition and improving after-sales - had both contributed to the profit increase.
He said: “Current trading in March and April has been stronger than anticipated.
“Going forward, the group’s growth strategy remains in place as we look to benefit from our strong balance sheet and the structural growth opportunities.”
There was short-term uncertainty over new car supply as manufacturers assessed the impact on their components supply chain following the Japan earthquake.
However the group said it was well positioned for further organic and acquisition growth.
Vertu Motors plc, based in Team Valley, is reportedly the fastest growing automotive retailer with a network of 77 sales and after sales outlets across the UK.
This was posted in Bdaily's Members' News section by Ruth Mitchell .
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