25th Jul 2018 11:30
LONDON (Alliance News) - Vertu Motors PLC said Wednesday that trading in the four month period ended June was in line with expectations.
The car retailer's total revenue in the period increased 5.7%, with like-for-like revenue rising 7.0%.
Vertu Motors attributed its like-for-like rise in revenue and profit to the increased margins in its Aftersales segment.
The company had a 6.5% growth in like-for-like service revenue - driven by the high levels of retention of vehicle sales customers, according to Vertu.
Vertu saw its used retail vehicles increasing the most in the period with like-for-like sales up 6.0% and total sales up 4.5%.
The company had a 2.1% like-for-like sales growth in new retail vehicles despite a 4.4% drop in the number of registrations with The Society of Motor Manufacturers & Traders trade association.
Looking ahead, the company "remains cautious" for the near term but is confident in the medium term outlook. Vertu expects trading in the current year to be in line with expectations.
Shares in Vertu Motors were up 0.6% Wednesday at 51.00 pence each.
Related Shares:
Vertu