Vertu Motors, the UK car retailer, has announced that it expects its full-year profits to be in line with market expectations following a rise in pretax profit for the first half of fiscal 2024.
For the six months ended August 31, Vertu Motors reported a pretax profit of £30.1 million ($36.4 million), compared to £26.9 million during the same period the previous year. Revenue also saw an increase from £2.00 billion to £2.42 billion.
The company attributed its strong profit generation in September to the improved supply situation and the license-plate number changes for new cars during that month. Vertu Motors has seen a continued improvement in both new vehicle supply and margins, as well as increased sales volumes of used vehicles which reflect more normalized depreciation patterns.
Chief Executive Robert Forrester expressed confidence in the company’s ability to deliver on its stated strategy and take advantage of the growing opportunities in the UK sector, highlighting a promising pipeline of bolt-on acquisitions.
The market expectations for the year ending February 29 were not specifically mentioned by Vertu Motors. However, in fiscal 2023, the company reported revenue of £4.01 billion and a pretax profit of £32.5 million.
In addition, Vertu Motors declared an interim dividend of 0.85 pence per share, representing an increase from the previous year’s payout of 0.70 pence.
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