Vertu Motors on track for FY

1st Sep 2010 08:04

Car dealer Vertu Motors said half yearly profit was 'materially ahead' of last year while results for the full year are expected to be in line with market forecasts.The group's private new car sales volumes rose in the five months to July 2010 by 6.7% on a like for like basis and by 35.2% overall.New retail car margins per unit remained strong, the group said, while fleet and commercial new vehicle sales volumes fell on a like for like basis by 7.1% in the five month period.Vertu added that it is in a strong position to undertake further consolidation activity with its net cash position and strong freehold-backed balance sheet.However on a more cautionary note the Gateshead based firm said the "macro-economic outlook continues to appear fragile and the board therefore remains cautious on the second-half trading outlook."