Wed, 30 Aug 2023 | BUSINESS NEWS
Car retail group Vertu Motors has reported improved trading, with its performance boosted by its acquisition of premium car firm Helston Garages Group last year. The December 2022 transaction saw Vertu acquire 28 Helston outlets, primarily with premium automotive firms, in a deal with an enterprise value of £120.1 million.
Issuing an update ahead of the announcement of its results for the six months to August 31 2023, Vertu said that it had seen trading above previous levels, boosted by the acquisition of the Helston Garages outlets.
The listed group reported like-for-like volume growth in its new retail and mobility channel following an improvement in supply and constraints easing, while it saw “strong demand” for its vehicle repair and service operations. The firm’s fleet and commercial vehicle division also saw like-for-like growth and there was progress for its accident and cosmetic repair services.
Despite this growth, Vertu’s used vehicle volumes fell 6.3 per cent during the five months to July 31 2023, driven by a continued lack of used vehicle supply and rising interest rates, which meant the firm was unable to run its 0 per cent finance offer for used vehicles.
The company said, however, that it was optimistic for the future and that it remains "focused on operational excellence around cost, conversion and customer experience and the delivery of the group's strategic objectives through enhanced performance coming from scale and technology".
Vertu CEO Robert Forrester commented: "I am pleased to report that trading remains positive. The entire Vertu team has put in hard work and dedication once again, and I would like to thank them all. Used car pricing has remained firm and we have gained market share in the new car market. The performance of our high margin aftersales business has remained strong.”
"The integration of Helston Garages remains on track to deliver the planned synergies. The board remains optimistic for the future, we anticipate that full year results will be in line with current market expectations, and we are excited about the opportunities our enlarged portfolio will create for Vertu Motors."
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