Vertu Motors lifts expectations as positive trading continues
Car dealership operator Vertu Motors updated the market on Thursday, reporting that trading in the last two months had continued on its positive trend.
The AIM-traded firm had said in early December that trading performance in the nine months ended 30 November was ahead of the prior year, and its original budget levels.
It said that, despite the impact of regional lockdowns through December and the national lockdown from 4 January, strong marketing activity, maximisation of its omnichannel retailing function and cost control had meant that trading performance in the two-month period to 31 January had continued on that positive trend.
Overall profit performance also benefited from the previously-announced cost reduction programme, and the continued business rates holiday on showrooms.
“February trading continues to be impacted by the national lockdown which restricts sales activity,” the Vertu board said in its statement.
“Whilst uncertainties remain over the trading performance of the group for February and into the next financial year because of the ongoing Covid-19 restrictions, the Board now expect that the trading result for the year ending 28 February 2021, at an adjusted profit before tax level, will exceed the current analysts' forecasts of around £18m.”
At 0856 GMT, shares in Vertu Motors were up 2.41% at 34p.