Macklin Motors owner Vertu highlights car supply concerns
September’s 20.5 per cent year-on-year fall was caused by a variety of factors including changes to the way new vehicles are tested, with tougher emissions regulations ushered in by the European Union.
Releasing interim results, Vertu told investors: “September [was] impacted by EU-wide emissions regulations with some supply issues likely to continue into early 2019.”
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Hide AdIt described demand as robust during the half-year, but cautioned that “political uncertainty in the UK may create consumer uncertainty and volatility for the remainder of the financial year”.
The group, which has a network of 125 sales and aftersales outlets across the UK, posted revenues of £1.56 billion for the six months to the end of August – a rise of 7.9 per cent. Adjusted profit before tax came int at £18.1m, down from £20.9m a year earlier.
Chief executive Robert Forrester said: “The group performed well in the first half against a backdrop of supply side issues in the new car market.
“The board is pleased to see further growth in aftersales revenues and to re-establish growth in used car volumes.”