Gateshead-based Vertu Motors plc said on Thursday it will launch a further £12 million share buyback programme as it published a trading update for the five-month period to January 31, 2026.

The new buyback follows the company’s purchase of 18.8 million shares for £11.3 million under an existing £12 million share buyback programme, which was launched in February 2025.

Vertu said the new car market “remains challenging due to the Zero Emission Vehicle (ZEV) mandate impacting manufacturers and retailers alike.”

It said the group’s new vehicle like-for-like order-take for the important plate change month of March is “tracking well, in line with prior year levels.”

It said used car performance were solid, with like-for-like volume growth of 2.8% delivered in the period, at slightly reduced margins.

Vertu said the group’s high margin aftersales operations delivered a very robust performance, with revenue and gross profit growth achieved.

The group’s Jaguar Land Rover (JLR) business has returned to normal operations after the reported cyber attack on JLR in September 2025.  The financial impact of the cyber-attack has been below what was originally anticipated, with an insurance claim progressing.

Full year FY26 adjusted profit before tax is expected to be in line with market expectations.

The group continues to dispose of surplus properties held for resale with proceeds of £1.8 million in the second half of the financial year and a further £3.5 million receivable by mid-March.