Like-for-like sales surge at Vertu
Car dealer Vertu Motors announced like-for-like growth in new car sales in its first set of results since its incorporation on at the beginning of November 2006.
The company's first set of results cover the period from 1 November 2006 to 29 February 2008, although the company only started trading from 27 March with the purchase of Bristol Street Motors Group.
The company reported a pre-tax profit of £0.14m on revenue of £677.2m. Adjusted for various exceptional charges, pre-tax profit was £1.8m.
New retail car volumes were up 10.6% on a like-for-like basis in a market where private new car registrations rose just 0.7%.
(Article continues below)Advertisement
Used retail car volumes for Bristol Street Motors franchised dealerships leapt 23.6% on a like-for-like basis in a flat market.
"We are now the tenth largest motor retailing group by turnover and have fully integrated all the acquired businesses in terms of systems, processes and management," said Robert Forrester, chief executive of Vertu.
Forrester said the company has made a good state to the new financial year with trading in its peak trading month of March ahead of plan.
