Vertu is forecasting a 16% jump in revenues and a 13% jump in used car sales
Companies: Vertu Motors PLC
Automotive retailer Vertu Motors released a pre-close trading update this morning, telling investors that it expected significant growth in revenues and profits for the year ending 28 February.
The Gateshead-based firm says it expects trading performance for the year to be in line with current market expectations, forecasting a 16% jump in group revenues, 23% jump in service revenues, and a 13% jump in used car sales.
Vertu said its "high quality, recurring, high margin" aftersales business had grown on a like-for-like basis, whilst revenues, margins and profits increased in the core vehicle servicing division.
CEO Robert Forrester said he was delighted with the Group's performance during the period, particularly in used vehicles and aftersales:
"... we expect our full year results to show continued growth in revenues and profits. Vertu has an excellent team, a strong balance sheet and a proven growth strategy, and as such the Board is confident of the Group's future prospects."
Shares in Vertu opened flat on Wednesday.