The trading update issued today for the five months to 31 July confirms that FY26 adjusted PBT is expected to be in line with market consensus. The high-margin aftersales operations continue to grow. Within used cars, like-for-like volumes and margins are stable. While the new car market still has EV-related challenges, the new retail car order book is ahead on last year. Recently announced government EV grants should help in H2 across a significant number of Vertu’s franchises. The outlook statement is reassuring, with hints of positivity suggesting that stability and predictability are improving, even though the economic backdrop and consumer sentiment remain weak.