Vertu Motors profits zoom ahead

Car dealer Vertu Motors yesterday posted a 26.8 per cent increase in profits to £5.2m on the back of strong revenue growth for the half year. The revenue increase – up 14.8 per cent to £628.1m versus £547m last year – boosted the firms profits from £4.1m last year. However, a more normalised tax rate of 23 per cent this year reduced adjusted earnings per share to 1.91p versus 1.95p in the first half of 2012.

The car retailer, which has 86 sales and resales outlets across the country, has boosted its UK footprint since March by adding 10 new outlets. Sales volumes and margins on its used car business rose 13.2 per cent to £2.5m. Chief executive Robert Forrester said: “Market conditions have improved and this is reflected in higher sales volumes in both new and used cars.”