Motor dealership group Vertu has described market conditions as “favourable”, putting it on track to deliver higher sales and profits.
In a trading update today, the firm – the owner of the Bristol Street and Macklin Motors brands – said it had continued to see year-on-year profit growth from sales of new and used vehicles, as well as its servicing operations.
Speaking ahead of half-year results, covering the six months to the end of August, chief executive Robert Forrester said: “Market conditions in the automotive retail sector remain favourable with growth in new car sales and stability in used vehicle pricing.”
Set up in 2006 to undertake consolidation in the sector, Vertu has grown into a network of 97 showrooms and aftersales outlets across the UK.
Marques sold by the group include Alfa Romeo, Honda and Volkswagen.
The group added that its recently-acquired Land Rover franchises in West Yorkshire, bought from the Co-operative Group for £31 million, were expected to make a “significant” contribution to its bottom line this year.
The firm is due to release its interim results on 16 October.