Quote from AM online feature22 Jul 2016 11:03
In a trading update at the AGM, Vertu said its profitability in the four month period to June 30 was ahead of the prior year and in line with the board’s expectations.
Group total revenues have increased by 21.5%, aided by higher revenues from acquired dealerships and continued organic growth with like-for-like revenues up 8.4%.
Total gross profit increased by 23.6% with like-for-like gross profit increasing by 8.7%. Group and like-for-like gross margins improved due to higher used car and service margins.
The group’s aftersales operations grew gross profits by 24.9% (7.0% on a like-for-like basis).
Used vehicle volume was up 19.2% (like-for-like 10.2%), and gross profit rose 27.4% (17.6% like-for-like).
"Total new retail vehicle sales volumes grew by 8.9%, but like-for-like new retail sales volumes reduced by 3.8%.
Fleet car sales volumes rose 7.5% (like-for-like 3.1%), and new commercial vehicle sales volumes grew by 27.5% (like-for-like 25.0%).