Trading Update

RNS Number : 9291M

Vertu Motors PLC

02 September 2013

 



2 September 2013

Vertu Motors plc ("the Group")

Trading Update

Vertu Motors plc, the fast growing automotive retailer with a network of 97 sales and aftersales outlets across the UK, announces the following update ahead of its Half Year results for the six month period ended 31 August 2013.

Trading Update

Since the Trading Update provided at the Annual General Meeting held on 25 July 2013, the Group has continued to experience year-on-year profit growth from new and used vehicle sales and from vehicle servicing. The Board is confident that further progress will be made during the remainder of the financial year.

Commenting, Robert Forrester, Chief Executive said:

"Market conditions in the automotive retail sector remain favourable with growth in new car sales and stability in used vehicle pricing, and the robust and growing platform we have built is ensuring that these trends are converted into improved profits. Service operations in the Group continue to exhibit growth as a consequence of higher levels of customer retention.

"We are pleased with the pace of integration and the performance at the newly acquired Farnell Land Rover business.  This business will make a significant contribution to the Group this year."

The Group will announce its Half Year results on 16th October 2013.

For further information please contact:

Vertu Motors plc
Robert Forrester, CEO	Tel: [phone]
Michael Sherwin, FD	Tel: [phone]
Panmure Gordon (UK) Limited
Hugh Morgan	Tel: [phone]
Callum Stewart
Espirito Santo Investment Bank
Alastair MacLachlan	Tel: [phone]
FTI Consulting
Billy Clegg	Tel: [phone]

George Parker

Notes to Editors

Vertu Motors is the sixth largest automotive retailer uin the UK with a network of 97 sales and aftersales outlets across the UK.  Its dealerships operate predominantly under the Bristol Street Motors, Vertu Honda, Vertu Volkswagen, Farnell land Rover and Macklin Motors brand names.

Vertu Motors was established in November 2006 with the strategy to consolidate the UK motor retail sector. It is intended that the Group will continue to acquire motor retail operations to grow a scaled dealership group. The Group's acquisition strategy is supplemented by a focused organic growth strategy to drive operational efficiencies through its national dealership network. The Group currently operates 95 franchised sales outlets and 2 non-franchised sales operation from 79 locations across the UK. Vertu Motors group websites - www.vertumotors.com / www.vertucareers.com

Vertu Motors brand websites - www.bristolstreet.co.uk / www.vertuhonda.com / www.macklinmotors.co.uk / www.farnelllandrover.com / www.vertuvolkswagen.com

 

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