Vertu Delivers Record First Half Results

Vertu Motors has hit a record adjusted first half profit before tax figure of £51.8 million. The results come on the back of a £1.9 billion turnover. Vertu has increased its full year expectations from £50-55m to £65m. They have also re-established a dividend with a figure of 0.65p per share.

The franchised dealer group also hinted that its growth in the number of dealerships would resume soon.

Robert Forrester, chief executive, commented: “The record profitability delivered in the period has undoubtedly been aided by very favourable used vehicle market conditions. However, this is a remarkable performance outperforming market trends. I am proud of the entire Vertu team for their adaptability and effort.

“The group has continued to evolve during the period, with further enhancement of its strategy in achieving enhanced online sales capability via the group’s Click2Drive technology platform and the introduction of a ‘concierge’ service for sales customers under the Click2Drive banner. The number of sales outlets has again grown as a result of the execution of the group’s multi-franchise strategy. Efficiency and productivity gains continue to be delivered through the enhanced use of technology.

“We have again generated significant free cash flow and have a very strong balance sheet making the group very well placed to benefit from the changes and significant opportunities which are ahead of it. The resumption of paying dividends to shareholders shows the board’s optimism in our strategy and its execution.”