Vertu Motors accelerates profit

2nd Sep 2013 07:32

Car retailer Vertu Motors said it has continued to experience year-on-year profit growth, since its last update at the end of July, from new and used vehicle sales and from vehicle servicing. In an update ahead of its half year results for the six month period ended August 31st 2013, the group said it is confident that further progress will be made during the remainder of the financial year.Chief Executive Robert Forrester said: "Market conditions in the automotive retail sector remain favourable with growth in new car sales and stability in used vehicle pricing, and the robust and growing platform we have built is ensuring that these trends are converted into improved profits. Service operations in the group continue to exhibit growth as a consequence of higher levels of customer retention."He added: "We are pleased with the pace of integration and the performance at the newly acquired Farnell Land Rover business. This business will make a significant contribution to the Group this year."Vertu Motors will announce its half year results October 16th 2013.CJ