Shares of Gateshead-based Vertu Motors plc rose about 15% on Thursday after it published an AGM trading update saying it continued to see robust retail sales demand in new and used car and vans in July — but fleet volumes were more subdued.
Vertu said it delivered an adjusted profit before tax of £7.4 million in July “significantly ahead of the prior year and original business plan reflecting customer demand.”
The firm incurred an adjusted loss before tax of £5.2 million in the March to June period — and has now made a year to date adjusted profit before tax of £2.2 million.
“As previously advised, we are not providing guidance relating to the outcome for the full year due to continued uncertainty,” added the company.
Vertu Motors CEO Robert Forrester said: “July trading continued the trends seen in June and was significantly stronger than both what we envisaged and the group’s original business plan for the month.
“A robust recovery in customer demand for our vehicles and servicing has continued, aided by our investments in omnichannel retailing.
“A very successful 0% finance used vehicle sale event was executed in a majority of the group’s English dealerships and this, together with strong used car margins, aided the delivery of a record month for used car profits.
“The group’s high margin aftersales operations also performed well, delivering year on year growth in revenue, gross profit and margin.”