Last checked at 4 Feb 2021 07:00
4 February 2021
Vertu Motors plc ("Vertu" or the "Group")
Trading Update
Group's trading performance ahead of prior year and Analysts' forecasts
The Group announced in early December that trading performance in the nine months ended 30 November was ahead of prior year and original budget levels.
Despite the impact of regional lockdowns throughout December and the national lockdown from 4 January, strong marketing activity, maximisation of the Group's omni-channel retailing functionality and cost control have meant that trading performance in the two-month period to 31 January 2021 continued this positive trend. Overall profit performance also benefited from the previously announced cost reduction programme and the continued business rates holiday on showrooms.
February trading continues to be impacted by the national lockdown which restricts sales activity. Whilst uncertainties remain over the trading performance of the Group for February and into the next financial year because of the ongoing COVID restrictions, the Board now expect that the trading result for the year ending 28 February 2021, at an adjusted profit before tax level, will exceed the current Analysts' forecasts of around £18m.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
For further information please contact:
Vertu Motors plcRobert Forrester, CEOKaren Anderson, CFO | Tel: 0191 491 2121
|
Zeus Capital LimitedJamie Peel Andrew Jones Dominic King | Tel: 020 3829 5000 |
Camarco Billy Clegg Tom Huddart | Tel: 020 3757 4983 |
Notes to Editors
Vertu Motors is the fifth largest automotive retailer in the UK with a network of 146 sales outlets across the UK. Its dealerships operate predominantly under the Bristol Street Motors, Vertu, Farnell and Macklin Motors brand names.
Vertu Motors was established in November 2006 with the strategy to consolidate the UK motor retail sector. It is intended that the Group will continue to acquire motor retail operations to grow a scaled dealership group. The Group's acquisition strategy is supplemented by a focused organic growth strategy to drive operational efficiencies through its national dealership network. The Group currently operates 143 franchised sales outlets and 3 non-franchised sales operations from 116 locations across the UK.
Vertu's Mission Statement is to "deliver an outstanding customer motoring experience through honesty and trust".
Vertu Motors Group websites - www.investors.vertumotors.com / www.vertucareers.com
Vertu brand websites - www.vertumotors.com / www.bristolstreet.co.uk / www.vertuhonda.com / www.vertutoyota.com / www.macklinmotors.co.uk / www.farnelllandrover.com / www.farnelljaguar.com / www.vertuvolkswagen.com / www.vertumercedes-benz.com