Member Article

Record profits anticipated for Gateshead automotive retailers Vertu Motors plc

Gateshead-based automotive retailers Vertu Motors plc are anticipating record revenues and profits, according to a pre-close trading update published this morning

The Board believes that the results for the year ended 28 February 2015 will be in line with current market expectations.

In the five months ended 31 January 2015 (“the Period”) the Group saw continued volume and revenue growth.

Total Group revenues, including acquisitions, grew by 17.8% whilst total vehicle sales volumes grew by 14.3%. Moreover, like-for-like vehicle sales volumes grew by 7.7%

The Board is reportedly continuing to examine further acquisition and development opportunities.

The Board said in a statement this morning that they ‘remain confident that the Group is well placed to take advantage of a high volume market, in the short term through vehicle sales and in the medium term through higher aftersales volumes, as sales customers return to the Group’s workshops for service and repair activities.’