Vertu Motors trading performance ahead of prior year and Analysts’ forecasts

Vertu Motors

Vertu Motors plc (LON:VTU) 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 Vertu Motors 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 £18m.

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