Vertu Motors has released results for its retail operations,
showing that since its incorporation in November 2006, the dealer
chain has delivered operating profit, pre-exceptional items, of
£3.1m, and has become the 10th largest car sales group in the UK by
turnover, with 40 franchised and six non-franchised
outlets.
“Revenue in the period from the commencement of trade on March
27 2007 to February 29 2008 was £677.2m,” the group said.
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Vertu was set up by experienced motor industry executives in
late 2006, and acquired a sizeable war-chest for expansion
following its flotation on AIM in November 2006. It made its first
significant purchase at the end of March 2007, with the buyout of
the Bristol Street Motors group. Vertu retained the Bristol Street
trading name, and has subsequently bought and rebranded other,
smaller chains and sites across the UK.
On a like-for-like basis, Vertu reported that its sites enjoyed
a new car retail volume lift of 10.6 per cent, while the overall UK
new car market grew by just 0.7 per cent over the same period. At
its Bristol Street franchised dealerships, used car sales were up
23.6 per cent “in a flat market”, Vertu said.
In March of this year, new car retail sales grew 23.4 per cent
on a like-for-like basis. “Manufacturer targets were achieved and
bonuses earned in the period without recourse to any significant
pre-registration activity,” Vertu claimed, while April trading was
“in line with expectations”. “Potential disruption to the supply
and pricing of consumer finance” was named as one of the challenges
facing the retailer in coming months, but Vertu said it was
“confident” that its “first-rate” management team will keep its
results on track.
Motor Finance Issue: 43 – May 08
by Jo Tacon ,
Published for the web: May 23 08 15:51
Last Updated: May 23 08 15:53
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