The AGM trading update for the three months to 31 May confirms the reassuring and encouraging news given in the FY25 results in May. FY26 results are expected to be in line with current market forecasts, and we maintain our estimates. Vertu is gaining share in new car retail, growing in fleet and commercial, building gross profits in used, while the high-margin service business has seen 4.1% like-for-like revenue growth. Adjusted PBT remains ahead of prior years. The buyback programme continues, with Vertu well-funded and positioned to drive growth with acquisitions.