Vertu shares soar on profit upgrade, buyback

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.”

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Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.