Vertu eyes acquisitions as profits grow
Vertu Motors, a car sales and repair network, with 82 branches across the UK, says it is in the mood to make a number of acquisitions to drive growth.
Vertu Motors, a car sales and repair network, with 82 branches across the UK, says it is in the mood to make a number of acquisitions to drive growth.
Trading at its current outlets, which operate mainly under the Bristol Street Motors, Vertu Honda and Macklin Motors brands, has been "in line with expectations" in the six months to the end of August.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Vertu's Chief Executive, Robert Forrester, said: "We are seeing like-for-like year-on-year profit growth from new and used vehicle sales and importantly from vehicle servicing.
"This has been further bolstered by profit progress from acquisitions we have made in the last few years as they have been integrated into the platform. We are focused on growth and plan to use our strong balance sheet to make a number of acquisitions in the weeks and months ahead."
Vertu shares were up 1.4% at 10:53.
BS
-
Taxpayers urged to fight automated HMRC penalties as 20,000 win on appealHMRC loses more than 60% of cases when taxpayers appeal an automated penalty it has imposed, new figures show.
-
More than five million taxpayers overpay with wrong tax codes – how to check yours is rightHMRC overcharged taxpayers £3.5 billion in income tax the latest data shows, with tax coding errors largely to blame. Accountants say it is “essential” people check their tax codes to avoid being hit with higher bills.
