Gateshead-based Vertu Motors plc said its revenue rose £399.4 million or 11% to £4.015 billion in the year ended February 28, 2023, but adjusted profit before tax fell 51.3% to £39.3 million.

A final dividend of 1.45p per share is recommended, bringing full year dividend to 2.15p per share, an increase of 26.5%.

Vertu Motors also announced it has agreed a further £3 million share buyback programme.

In its outlook, Vertu Motors said: “Trading performance in excess of last year delivered in key months of March and April aided by the contribution from acquisitions …

“Improvement in new vehicle supply evident with continued high group order bank of high margin new vehicle orders in place … ”

Vertu Motors CEO Robert Forrester said: “The year was critical for the group as we undertook our largest ever acquisition and generated over £4bn of revenues for the first time.

“The Helston businesses have now been integrated into our systems platform.

“The acid test was how our core group and new dealerships performed in March and April and I am delighted to report that the trading result post year end has been encouraging and gives confidence for the year ahead.

“The reported results reflect a strong profit and excellent cash performance, both ahead of expectations.

“As a result, we have chosen to propose a significantly increased final dividend, delivering a 26.5% higher dividend for the year as a whole.

“The business is in a healthy financial and operational position to further develop and gain from the benefits of scale as sector consolidation continues.”