20th Aug 2021 12:31
Vertu Motors PLC - Gateshead, England-based car dealership - Says it continues to experience strong used vehicle gross margin retention. Consequently, the company says it expects that it will deliver an adjusted pretax profit of no less than GBP50 million in the six months to August 31. A year ago, the company posted underlying pretax profit of GBP4.7 million. Vertu says like-for-like new vehicle order take for September is currently running in excess of prior year levels, however, there is a risk that well documented new vehicle supply shortages will result in vehicle deliveries being delayed into future periods.
Looking ahead, Vertu says it remains cautiously optimistic and upgrades the estimate for the pretax profit for its current financial year to the end of February 2022 to be in the range of GBP50 million to GBP55 million, up from previously guided GBP40 million to GBP45 million.
Current stock price: 50.60 pence
Year-to-date change: up 54%
By Evelina Grecenko; [email protected]
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