Vertu Motors stays strong in downturn

28th May 2009 08:17

Car dealer Vertu Motors managed to stay profitable in the year to 28 February despite the severe downturn in the car sector and said trading in the current year was ahead of expectations.Pre-tax profits totalled £70,000 compared with £140,000 the previous year as revenue climbed to £760.8m from £677.2m.Whole new car volumes during the year fell by 2.4% on a like-for-like basis, used car volumes were up by 10.5%, Vertu, which operates 45 dealerships across England, said.It said like-for-like new car volumes in March fell by 18.6%, but used car volumes rose by 18%."Subsequent to the year end, trading has been ahead of the board's expectations, with profits up year on year," chief executive Robert Forrester said. "Whilst the market will remain challenging for the foreseeable future, the group is well positioned to take advantage of opportunities arising as we focus on building a sustainable, scalable business that delivers shareholder value."