Shares of Gateshead-based Vertu Motors plc rose about 9% on Wednesday after the firm reported that its revenue grew to £3.6 billion in the year ended February 28, 2022 — growth of 18% on the pre-pandemic FY20 and up 42% on FY21.

Vertu reported record trading results with adjusted profit before tax of £80.7 million compared to £24.6 million in FY21 and £23 million in FY20.

An interim dividend of £2.327 million (0.65p per share) was paid by Vertu in January 2022, and a final dividend of 1.05p per share is to be proposed at the AGM.

The firm said 11.6 million shares have been repurchased at a value of £7.1 million since August 20, 2021, and its stock buyback programme continues.

In its outlook, Vertu reported a strong trading performance in the key months of March and April with trading profit of £19.1 million (FY22: £19.2m).

Vertu Motors CEO Robert Forrester said: “The group performed at record profitability levels in the year.

“Undoubtedly aided by well-publicised sector tailwinds, the group executed well, gained share, strengthened its foundations, positioned itself for the transition to EV and displayed fundamental growth, all aided by its investment in the Click2Drive technology platform.

“The outlook will depend on the available supply of new vehicles and continuing consumer confidence.

“The group’s excellent financial position provides the resilience to overcome any economic slowdown and resources to continue to grow.”