Gateshead’s Vertu Motors expects £23m profit

Gateshead-based Vertu Motors plc on Monday published a trading update for the five-month period to January 31, 2021, ahead of its preliminary results for the year ended February 28, 2021, to be announced on May 12, 2021.

Vertu Motors CEO Robert Forrester said: “I am pleased to report that the board expect the trading result for the year ended 28 February 2021, at an adjusted profit before tax level, will be in line with current analysts’ forecasts of around £23m.

“The period includes two national lockdowns, in November and from 4 January, which closed our sales showrooms.

“Despite the impact of these national lockdowns and regional lockdowns throughout December, the group’s strong marketing activity, use of omni-channel retailing functionality and cost control have meant that a creditable trading performance was attained in the period.

“This result has been delivered by a huge Vertu team effort and I would like to thank every single one of my colleagues for their hard work and dedication in what has been an extraordinary period.

“Notwithstanding the Government’s recently announced roadmap, the outlook remains uncertain given continuing COVID restrictions, although Brexit uncertainty is now behind us and the pound’s recent strengthening should help to make cars more affordable to UK buyers.”