Vertu Motors has posted a profit before tax increase of 6.5% to £34.6 million for its full 12 months results on record revenues of £4.7 billion.
Robert Forrester, Vertu’s chief executive, said he was pleased with the performance because the group successfully navigated a difficult period of trading with declining used automotive values in the previous few months of 2023.
Forrester said: “Used vehicle prices and margins have now stabilised and there was strong money generation from lower working capital reducing net debt below market expectations.
“Moving to the brand new financial 12 months, March and April 2024 were successful months.
“The group delivered latest retail like-for-like sales volumes ahead of the market decline in March and April.
This demonstrates the robustness and strength of the group’s operations. We remain focused and thoughtful around capital allocation.”
Vertu confirmed as a part of its full 12 months results that it has parntered with latest Chinese brand BYD and can open showroom locations “shortly” in Worcester and Gloucester.
This Article First Appeared At www.am-online.com
