Vertu drives interim revenue past 1bn
Wed, 15th October 2014

Vertu drives interim revenue past £1bn

By Matthew Ord, Digital Staff Writer

Vertu Motors has reported a record trading performance in its half year results, with revenue topping £1bn and pre-tax profit almost doubling.

The Gateshead-headquartered company, which operates 112 car dealerships throughout the UK, achieved a 29.5 per cent revenue increase to £1.08bn for the six months ended 31 August 2014, up from £837m for the same period last year.

Pre-tax profit also rose 48.8 per cent to £12.8m from £8.6m in 2013.

The company's record performance has been driven by recent acquisitions, including Farnell Land Rover, and "favourable market conditions".

Chief executive Robert Forrester said: "The board is delighted with this record first half performance.

"Recent acquisitions, the Farnell Land Rover business particularly, have made a strong contribution and the core business continues to benefit from management success in improving returns in the used car and servicing areas.

"We continue to deliver on the group's strategy to recruit and retain motivated and talented people in every dealership to ensure the business is management driven not market driven."

The company has continued its "strong trading performance" in September, while Forrester added that it has a "healthy pipeline of acquisition opportunities".

Peter Jones will join the board as chairman on 1 January 2015 succeeding Paul Williams, who is retiring at the end of 2014 after seven years in the role.

category North East  |  source Insider Media