Vertu Motors PLC AGM Trading Update (6983P)
June 22 2022 - 2:00AM
UK Regulatory
TIDMVTU
RNS Number : 6983P
Vertu Motors PLC
22 June 2022
22 June 2022
Vertu Motors plc ("Vertu Motors", "Group", "Company")
AGM Trading Update
The Group provided a detailed update on trading in March and
April in its year end results announcement released on 11 May
2022.
Constrained supply of new vehicles in the UK has continued, due
to dislocation in global supply chains and its impact on vehicle
production. Consequently, margins in both the new retail and fleet
channels have remained strong.
The Group has also seen supply constraints continue in used
cars. This has had two effects. Firstly, combined with the
comparative period reflecting post lockdown pent-up demand, it has
resulted in the Group seeing an expected significant decline in
like-for-like used car volumes in May compared to the previous
year. Secondly, the Group has been able to maintain strong
retention of gross profit on used cars, with per unit profit in May
at above prior year levels, as used car prices stabilised.
The Group's high-margin aftersales departments benefited from
additional working days in May 2022, which drove revenues above
prior levels. The Group continues to make progress in its parts
departments and accident repair centres.
The market outlook remains unclear due to uncertainty of
consumer demand and vehicle supply although new vehicle supply is
anticipated to improve gradually in the months ahead. The Group has
had a strong start to the financial year but it is premature at
this stage to indicate any changes to market expectations of the
full year trading profits.
Management remains focused on the delivery of operational
excellence around cost, conversion and customer experience. In
addition, the Group continues to evaluate and execute acquisition
opportunities as it seeks to deliver its core strategic objective
of growth.
For further information please contact:
Vertu Motors plc
Robert Forrester, CEO Tel: 0191 491 2111
Karen Anderson, CFO Tel: 0191 491 2112
Zeus Capital Limited Tel: 020 3829 5000
Jamie Peel
Andrew Jones
Dominic King
Camarco Tel: 020 3757 4983
Billy Clegg
Tom Huddart
Notes to Editors
Vertu Motors is the fifth largest automotive retailer in the UK
with a network of 160 sales outlets across the UK. Its dealerships
operate predominantly under the Bristol Street Motors, Vertu and
Macklin Motors brand names.
Vertu Motors was established in November 2006 with the strategy
to consolidate the UK motor retail sector. It is intended that the
Group will continue to acquire motor retail operations to grow a
scaled dealership group. The Group's acquisition strategy is
supplemented by a focused organic growth strategy to drive
operational efficiencies through its national dealership network.
The Group currently operates 156 franchised sales outlets and 4
non-franchised sales operations from 121 locations across the
UK.
Vertu's Mission Statement is to "deliver an outstanding customer
motoring experience through honesty and trust".
Vertu Motors Group websites - investors.vertumotors.com /
www.vertucareers.com
Vertu brand websites - www.vertumotors.com /
www.bristolstreet.co.uk / www.macklinmotors.co.uk /
www.vertumotorcycles.com
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END
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