Vertu closes in on £5bn turnover as it navigates “difficult trading period”

Vertu closes in on £5bn turnover as it navigates “difficult trading period”

Time Stamp: May 15, 2024 5:04 AM
Source Node: 2578630

Vertu Motors has posted a profit before tax increase of 6.5% to £34.6 million for its full year results on record revenues of £4.7 billion.

Robert Forrester, Vertu’s chief executive, said he was pleased with the performance as the group successfully navigated a difficult period of trading with declining used car values in the last few months of 2023.

Forrester said: “Used vehicle prices and margins have now stabilised and there has been strong cash generation from lower working capital reducing net debt below market expectations.

“Moving to the new financial year, March and April 2024 were successful months.

“The group delivered new 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 part of its full year results that it has parntered with new Chinese brand BYD and will open showroom locations “shortly” in Worcester and Gloucester.

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