Vertu Motors PLC Trading Update (9387N)
04 Febbraio 2021 - 8:00AM
UK Regulatory
TIDMVTU
RNS Number : 9387N
Vertu Motors PLC
04 February 2021
4 February 2021
Vertu Motors plc ("Vertu" or the "Group")
Trading Update
Group's trading performance ahead of prior year and Analysts'
forecasts
The Group announced in early December that trading performance
in the nine months ended 30 November was ahead of prior year and
original budget levels.
Despite the impact of regional lockdowns throughout December and
the national lockdown from 4 January, strong marketing activity,
maximisation of the Group's omni-channel retailing functionality
and cost control have meant that trading performance in the
two-month period to 31 January 2021 continued this positive trend.
Overall profit performance also benefited from the previously
announced cost reduction programme and the continued business rates
holiday on showrooms.
February trading continues to be impacted by the national
lockdown which restricts sales activity. Whilst uncertainties
remain over the trading performance of the Group for February and
into the next financial year because of the ongoing COVID
restrictions, the Board now expect that the trading result for the
year ending 28 February 2021, at an adjusted profit before tax
level, will exceed the current Analysts' forecasts of around
GBP18m.
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 146 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 143 franchised sales outlets and 3
non-franchised sales operations from 116 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.investors.vertumotors.com /
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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