Vertu Motors has reported record trading results with an adjusted profit before tax of £80.7m (FY21: £24.6m, FY20: £23.0m), on revenues of £3.6bn to 28 February 2022.
New car volumes were up 7.4% as used car volumes declined 13.2% on a like-for-like basis.
Robert Forrester, Chief Executive, 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.”
Chairman Andy Goss added: “As we enter the new financial year, the economic, social and health effects of the pandemic are ongoing, and we are mindful of macroeconomic and geopolitical risks. The Group’s excellent financial position, continued investment in its colleagues and systems and its established track record of execution gives confidence that we will continue to deliver on our strategic objectives.”
The Group made moves to expand in 2021, including acquiring a Honda car dealership in Huddersfield, West Yorkshire, the entire issued share capital of Farmer & Carlisle Holdings Limited, which operated two Toyota franchise freehold dealerships located in Loughborough and Leicester, and further expansion with Toyota as Macklin Motors was awarded the franchise in the West of Scotland from 1 April 2022.