Gateshead-based Vertu Motors plc said its revenues were unchanged at £1.45 billion for the six months ended August 31, 2017, but profit before tax was up 29.4% to a record £24.2 million.

It its outlook for the rest of the year, Vertu said that following its September trading performance, full year adjusted profit before tax is anticipated to be in line with market expectations.

Vertu said its share buy-back programme will continue for up to a further £3 million.

Vertu Motors CEO Robert Forrester said: “The board is pleased to see further growth in used car volumes and aftersales revenues against a back drop of the weakness of Sterling reducing the supply and increasing the prices of new cars.

“Pleasingly, underlying operating expenses reduced year on year in the period as a result of management focus at a time of increasing costs across the industry.

“Our group’s net cash position, strong property portfolio and very low level of used vehicle stock financing places us in a unique position to take advantage of consolidation opportunities and to continue to increase returns to shareholders.

“The board is confident that opportunities to expand the business will arise in the next 18 months and these are likely to be at more attractive valuations.”