Motor retailer Vertu has seen turnover top £4bn for the first time, boosted in part by its largest ever acquisition.
Revenues at the Gateshead-based car dealership rose nearly £400m (11%) to £4.014bn, leading to an increase in dividends and a new programme of share buyback and investments across the business. Adjusted operating profit dropped 44% from £87.7m to £48.8m, but the the figures were ahead of its expectations, following a year of exceptional market conditions.
Chief executive Robert Forrest hailed a “critical” year for the company, which included the largest deal in its history when it bought the South West-based Helston Group, a deal it said had contributed to trading performance in excess of last year in the key months of March and April.
