The trading update issued yesterday afternoon discloses that adjusted PBT for the year ending 28 February 2025 will be significantly below market expectations, stated as £34.5m. There have been a number of adverse factors, with margin pressure continuing in both the new and used car markets as a result of the government’s ZEV mandate. Aftersales remains robust and is still growing, and increased costs from the Autumn Budget have been fully addressed. The fundamental story for Vertu of growth through focus on customers and effective application of capital continues, supported by the decision to apply a further £12.0m in share buybacks.