Vertu Motors’ full year results for FY26 are in line with current market expectations.
Despite cautiousness with regards to consumer outlook and pressure in the new car market from the ZEV Mandate, the full year result is expected to be in line with current market expectations.
Robert Forrester, Chief Executive Officer, said: “Since the beginning of the financial year, a period which includes the important trading month of March, the Group has traded well in a challenging macro-economic environment.
“New retail volumes are up materially with the Group benefiting from market share gains, and our high margin aftersales business continues its out-performance.
“This encouraging start to the year is balanced by ongoing headwinds of a challenging consumer and business environment and the Government’s ZEV mandate promoting accelerated electric car adoption.”
The Group’s trading outlook recorded new car retail like-for-like volume growth of 7.0%, with the Group gaining market share against the UK retail market which was up 5.6%.
Used vehicle like-for-like volumes fell 3.8% as a result of tight supply in the used market and subdued consumer demand. Gross profits from the sale of used vehicles increased on prior year levels.
Improved gross profit was delivered in the service and parts channels on a like-for-like basis, resulting in improved profits YoY.
Adjusted profit before tax in the Period remains ahead of prior year levels.
The share buyback programme of £12m capacity has continued throughout the Period with £4.5m of the programme utilised to date in the purchase of 7.8m shares for cancellation, leaving £7.5m to deploy.
