Record year for sales for Vertu Motors
Car dealership group Vertu Motors, which includes Bristol Street Motors sites in Stafford and West Bromwich, achieved a record level of revenue in the year to the end of February.
It was up from £4.01 billion in 2022-2023 to £4.71bn and pre-tax profit rose 6.5 per cent from £32.5m to £34.6m
Vertu has a network of 188 sales and aftersales outlets.
Chief executive Robert Forrester said: ''It was pleasing to see the group successfully navigating a difficult period of trading with declining used car values in the last few months of 2023. Used vehicle prices and margins have now stabilised and there has been strong cash generation from lower working capital reducing net debt below market expectations. "
Mr Forrester said March and April had been successful months with the group delivering new retail like-for-like sales volumes ahead of the market decline.
"This demonstrates the robustness and strength of the group's operations," he added.
