11th May 2016 07:35
LONDON (Alliance News) - Vertu Motors PLC on Wednesday reported growth in profit in its recently-ended financial year as it grew revenue in each of its divisions, boosted by acquisitions it made during the year.
The automotive retailer said its pretax profit in the year ended February 29 grew to GBP26.0 million from GBP21.0 million the year before, as revenue rose to GBP2.42 billion from GBP2.07 billion.
Revenue growth was achieved in each division, comprising aftersales, new car retail and motability, new fleet and commercial, and used cars, Vertu Motors said, helped by new acquisitions it made in the year. It acquired 16 dealerships in the year, including Audi, Honda, Volkswagen, Mercedes-Benz, Jaguar and Land Rover.
Vertu Motors said trading in March and April was ahead of the prior year, and it remains confident about the group's prospects for the current year.
Vertu Motors will pay a total dividend of 1.30 pence per share for the year, which is up on the 1.05p it paid the prior year.
"We have added further strength to the operational management team to support future growth and we continue to review a number of further acquisition opportunities," Chief Executive Robert Forrester said in a statement.
"Our acquisitions have been integrated quickly and efficiently and are performing encouragingly. March and April have been good months. We see a stabilisation of the new car market at these high levels. The board looks to the future with confidence," he added.
Shares in Vertu Motors were trading down 0.2% at 60.40 pence on Wednesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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