Vertu Motors PLC AGM Trading Update (7676C)
23 Giugno 2021 - 08:00AM
UK Regulatory
TIDMVTU
RNS Number : 7676C
Vertu Motors PLC
23 June 2021
23 June 2021
Vertu Motors plc ("Vertu Motors" or "Company")
AGM Trading Update
To date the Group has seen a continuation of the strong trading
trends witnessed in March and April as explained in the year end
results announcement released on 12 May 2021. If these trends
continue, a strong first half financial performance is anticipated,
however, there remain risks in relation to the remainder of the
financial year concerning potential COVID-19 disruption and vehicle
supply constraints.
A tightening of new vehicle supply, largely reflecting component
shortages flagged in the year end announcement, is increasingly
apparent. The expected time between order and delivery of new
vehicles to customers for certain of the Group's franchises is now
seeing elongation. The used car market remains very robust from a
demand perspective. The reduction in new car supply is contributing
to a reduced supply of used vehicles, with a resultant exceptional
wholesale pricing environment.
In light of the strong trading performance to date, driven
largely by the exceptional used car market environment, the Board
now anticipates that the Group's full year adjusted profit before
tax will be above current expectations and in the range of GBP28m -
GBP32m.
The Board remains confident in the prospects for the Group. With
its strong asset base, scale, Manufacturer relationships, well
invested systems including the Click2Drive sales technology
platform and experienced leadership team, the Board believes that
the Group is strategically very well placed to capitalise on the
changes and opportunities in the UK motor retail sector.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
For further information please contact:
Vertu Motors plc Tel: 0191 491 2121
Robert Forrester, CEO
Karen Anderson, CFO
Zeus Capital Limited Tel: 020 3829 5000
Jamie Peel
Andrew Jones
Dominic King
Camarco Tel: 020 3757 4983
Billy Clegg
Tom Huddart
Notes to Editors
Vertu Motors is the fifth largest automotive retailer in the UK
with a network of 149 sales outlets across the UK. Its dealerships
operate predominantly under the Bristol Street Motors, Vertu,
Farnell and Macklin Motors brand names.
Vertu Motors was established in November 2006 with the strategy
to consolidate the UK motor retail sector. It is intended that the
Group will continue to acquire motor retail operations to grow a
scaled dealership group. The Group's acquisition strategy is
supplemented by a focused organic growth strategy to drive
operational efficiencies through its national dealership network.
The Group currently operates 145 franchised sales outlets and 4
non-franchised sales operations from 115 locations across the
UK.
Vertu's Mission Statement is to "deliver an outstanding customer
motoring experience through honesty and trust".
Vertu Motors Group websites - www.vertucareers.com
Vertu brand websites - www.vertumotors.com /
www.bristolstreet.co.uk / www.vertuhonda.com / www.vertutoyota.com
/ www.macklinmotors.co.uk / www.farnelllandrover.com /
www.farnelljaguar.com / www.vertuvolkswagen.com /
www.vertumercedes-benz.com
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END
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