Trading ahead of expectations at Vertu Motors

11th May 2011 13:59

Vertu Motors was in the fast lane after the car dealer posted a rise in profits for the year to 28 February and said that trading has been in line with expectations.Pre-tax profits climbed to £5.3m from £4.6m the previous year, on revenues that were up to £998.9m from £818.9m. A final dividend of 0.3p a share is to be paid, resulting in a full-year pay-out of 0.5p."Current trading in March and April has been stronger than anticipated," the company said. "Whilst the new vehicle supply constraints arising from the natural disaster in Japan in March pose a short term uncertainty, in the medium term new vehicle sales are set to rise and start to climb back to pre-recession levels."Vertu, whose operations are concentrated in central England but stretch to Scotland and the south-west, said the trend towards more fuel-efficient cars had accelerated in line with recent high oil prices.