Gateshead-based Vertu Motors (which has everything from Bristol Street Motors to Farnell Jaguar Land Rover under its wing) has filed a very impressive £51.8m profit for the six months up to the end of August.
The figure has knocked various analysts’ predictions for six and has set the Group up for a huge 2021 going into 2022.
Vertu has always prided itself on being a pioneer within the UK motor trade, becoming the first major UK motor retailer to deliver to its customers an entirely online offer as early as 2017. Its record profit now sets it up for predicted growth, based on higher margins on a solid mix of new and used vehicles – it sold nearly 50,000 used vehicles in that period.
Chief exec, Robert Forrester, put the success down to various aspects of the market plus a great team effort: “The record profitability delivered in the period has undoubtedly been aided by very favourable used vehicle market conditions, however, this is a remarkable performance outperforming market trends. I am proud of the entire Vertu team for their adaptability and effort.”