Partner Article

Vertu overtakes targets

NEWCASTLE motor retailer Vertu today said it expects the full-year performance in 2010 to outstrip that of 2009 on the back of a 35% rise in new car sales.

The company also said it would continue to evaluate potential acquisitions following the addition of a number of dealerships in recent months to its portfolio including the £1.5m swoop for two Vauxhall franchises in the North West in June.

A statement issued this morning said: “The Group is in a strong position to undertake further consolidation activity with its net cash position and strong freehold backed balance sheet.”

The group’s private new car sales volumes increased in the five months to July 2010 by 6.7% on a like-for-like basis and by 35.2% overall as the number of sales outlets has increased over the prior year.

Meanwhile private registrations in the UK in the corresponding period grew by 11.8%.

Also, the board reported that the acquisitions undertaken last year have contributed positively to the Group’s first half performance.

This was posted in Bdaily's Members' News section by Ruth Mitchell .