Vertu Motors says new car market strong as first-half profit rises 24%

Vertu Motors PLC on Wednesday posted higher profit in its first half, supported by "robust growth" in the new car market.

The Gateshead, England-based automotive retailer's pretax profit rose 24% to £24.2 million in the six months ended August 31 from £19.5 million a year earlier, with basic earnings per share up to 5.80 pence from 4.46p. Adjusted pretax profit grew 19% on-year to £23.8 million.

Revenue grew 3.4% to £2.60 billion from £2.51 billion on-year. The company hiked its first-half dividend to 1.0 pence per share from 0.90p.

Chief Executive Robert Forrester hailed the "strong first-half performance" and noted the company's plan to benefit from the growth of China's car market.

"Gross profit growth was delivered across every channel, while maintaining firm control of costs despite ongoing inflationary pressures. The group has now delivered three upgrades to current year profits since the start of the financial year," the CEO said.

"The new car market is showing robust growth with retail sales rebalancing against fleet which aids retailer profits. A focus on execution is delivering tangible benefits. Value Cars by Vertu growing older used car sales is broadening the group’s used vehicle proposition. Investment in digital tools and operational discipline are improving productivity and customer conversion. The group continues to reshape its portfolio to capture attractive growth opportunities, including automotive brands from China. We now have 20 Chinese automotive outlets, with more on the way."

Vertu shares rose 2.7% to 83.40 pence on Wednesday morning in London.

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