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Vertu Motors profit rises; eyes return of dividends

By BFN News | 09:12 AM | Wednesday 12 May, 2021

Auto dealer Vertu Motors booked a rise in annual profit but didn't pay a dividend, citing government support it had received during the year. Pre-tax profit for the year through February increased to £22.4 million, up from £7.3 million year-on-year, even as revenue slumped 17% to £2.55 billion. Gross margin improved to 11.8%, up from 10.9% amid a reduction in operating costs, and adjusted profit was £24.6 million. Looking ahead, Vertu Motors forecast an adjusted for the current year of £24.0 million-to-£28.0 million. It said it had made a strong start to the year with trading profits at a record level in the two months to April. Adjusted pre-tax profit in those two months was £19.2 million, up from £14.8 million year-on-year. 'The board is confident that, dependent on the financial performance of the group, dividends can recommence in January 2022,' Virtu Motors said. At 9:12am: (LON:VTU) Vertu Motors PLC share price was 0p at 30p Story provided by

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