Vertu Motors sees car market revival

Car dealership Vertu Motors said the UK’s new car retail market has returned to growth following period of decline in 2011, helping it grow profits and revenues.

The Aim-quoted group, which trades under the Macklin Motors brand in Scotland, grew revenue by 8.9 per cent to £1.1 billion in the year to the end of February, aided by its ongoing expansion. Profit before tax was up 3.8 per cent to £5.5 million.

The group added that trading in March and April was “significantly ahead of prior year and budget levels”.

Chief executive Robert Forrester said: “The group has successfully navigated a challenging period for the industry driven by reduced consumer demand in 2011. Increased profit before taxation, strong cash generation and the continued development of the dealership portfolio were delivered.

“The group saw revenues in excess of £1bn for the first time and profit momentum was re-established in the second half of the year.”