Shares of Gateshead-based Vertu Motors plc rose about 8% on Wednesday after it said it expects trading performance for the year ended February 28, 2022, to be not less than £75 million at the adjusted profit before tax level, compared to £24.6 million in the prior year.

Vertu’s previous estimate was £70 million.

Vertu also said it intends to commence a further £3 million share buyback programme.

Vertu Motors CEO Robert Forrester said: “The trading results have been aided by sector tailwinds and limited vehicle supply leading to augmented margins.

“In addition, recent acquisitions have contributed at a higher level than initially envisaged due in part to a swift and successful integration process.”