Vertu Motors has introduced its interim outcomes for the six months ended 31 August 2024, demonstrating a resilient H1 efficiency in keeping with expectations.
Whole Group income elevated by 2.9% in comparison with H1 FY24. Group aftersales operations delivered Core Group gross revenue progress of £7.1m.
Robert Forrester, CEO of Vertu Motors, stated: “I’m happy with the Group’s first half efficiency in opposition to a fast-shifting market backdrop. Our excessive margin aftersales enterprise delivered a wonderful H1 efficiency, aided by greater technician numbers and execution of the Group’s car well being examine course of.
“The retail new automotive market declined because the Authorities’s regulation to transition to battery electrical autos (‘BEV’) launched market volatility and damaging results when it comes to affordability.
“We took considerable market share in the new retail market, and in the BEV market in particular, reflecting the Group’s adaptability and strong operational execution.”
Used car like-for-like quantity progress of three.9% and gross margin elevated to 7.3% whie Group new retail car gross sales volumes have been down 5.9% with important market share good points as UK market noticed an 11.2% decline.
The important thing plate change month of September noticed like-for-like new retail gross sales volumes up 5.2% with retail market down 1.8%.
BEV new retail gross sales volumes in UK fell by 7.0%, nevertheless, Group grew retail BEV gross sales volumes by 10.9%.
Group like-for-like retail BEV gross sales volumes greater than doubled YoY in September in opposition to a broadly static UK market.
H1 income have been decrease than prior yr ranges as anticipated as prices elevated resulting from price inflation and elevated headcount to drive exercise.
Full yr income are anticipated to be in keeping with present market expectations. Profitability in H2 is anticipated to enhance over prior yr ranges resulting from a stronger used automotive market and enhanced used car commerce values.
