VERTU Motors has hinted that it’s in the mood for expansion following the announcement of its latest full-year results.
The industry title Auto Retail Agenda reported that the franchised dealer group was “well-positioned to take advantage of the opportunities which will arise”.
Vertu Motors, which bought the brokerage Vansdirect for £7.5m in January 2019, announced a pre-tax profit of £23.5m with revenue up 2.8%.
CEO, Robert Forrester, commenting on the results, said:
“Given the heightened uncertainty of any forecast at this current time, it is inappropriate to provide any guidance with respect to market expectations.
“The board sees the group as well-positioned to take advantage of the opportunities which will arise. As a well-managed group with strong culture, brands and systems, the group has the ambition to grow in scale as the sector consolidates as a result of the acceleration of numerous trends. With its strong liquidity, disciplined approach to capital allocation and its partnership with manufacturers, the group looks forward with confidence.”
Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.
