Making a Vertu out of car sales acquisitions
The group - launched as a cash shell in December 2006 and now the eighth largest UK motor retailer - said trading had remained strong during the five months to the end of January with sales and pre-exceptional operating profits ahead of target.
Private new car sales volumes were down by 6.1 per cent on a like-for-like basis, but that compares with a 26 per cent market fall over the period, largely due to the ending of the car scrappage scheme. The volume of used cars sold jumped 9.6 per cent.
Vertu said: "The group remains in a strong position to undertake further consolidation activity, with a net cash position, a strong balance sheet and increased bank facilities"