Vertu bounces back after 32% revenue fall to £1.12bn

Gateshead-based Vertu Motors plc said on Wednesday it delivered a “record trading performance” in the key month of September despite revenue for its first-half to August 31 revenue falling 32% to £1.12 billion and pretax profit falling 75% to £3.97 million.

Announcing results for the six months, Vertu said it was “emerging strongly” from the coronavirus lockdown.

The company said: “The result for the 7 months to September 2020 gives the board confidence that a strong financial outcome will be delivered in the full financial year.”

Vertu Motors CEO Robert Forrester said: “The energised Vertu team delivered a safe operating environment for customers and colleagues and an outstanding trading performance as lockdown was eased. 

“Individual records in used cars, aftersales and new cars were set across the group. 

“We did the basics well and have increased investment in omni-channel technology, which has been received enthusiastically by customers.

“Vertu made a profit in the first half, we have taken £10m of annualised costs out of the business and period end net cash was £36m. 

“This is an exceptional performance in the circumstances. 

“We are well placed for the opportunities that an uncertain future offers.”