Vertu Motors has announced its interim results for the six months ended 31 August 2024, demonstrating a resilient H1 performance in line with expectations.
Total Group revenue increased by 2.9% compared to H1 FY24. Group aftersales operations delivered Core Group gross profit growth of £7.1m.
Robert Forrester, CEO of Vertu Motors, said: “I am pleased with the Group’s first half performance against a fast-shifting market backdrop. Our high margin aftersales business delivered an excellent H1 performance, aided by higher technician numbers and execution of the Group’s vehicle health check process.
“The retail new car market declined as the Government’s regulation to transition to battery electric vehicles (‘BEV’) introduced market volatility and negative effects in terms of 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 vehicle like-for-like volume growth of 3.9% and gross margin increased to 7.3% whie Group new retail vehicle sales volumes were down 5.9% with significant market share gains as UK market saw an 11.2% decline.
The key plate change month of September saw like-for-like new retail sales volumes up 5.2% with retail market down 1.8%.
BEV new retail sales volumes in UK fell by 7.0%, however, Group grew retail BEV sales volumes by 10.9%.
Group like-for-like retail BEV sales volumes more than doubled YoY in September against a broadly static UK market.
H1 profits were lower than prior year levels as anticipated as costs increased due to cost inflation and increased headcount to drive activity.
Full year profits are expected to be in line with current market expectations. Profitability in H2 is expected to improve over prior year levels due to a stronger used car market and enhanced used vehicle trade values.