The chief executive of motor retailer Vertu has hailed unprecedented trading conditions as the firm posted record sales and profits, but warned that tougher times are on the horizon.
Continuing demand for both new and used cars has delivered positive tailwinds for the Gateshead-based group, saw adjusted pre-tax profit surge to £80.7m in the year to February 28, 2022 - a 228% increase from the £24.6m in 2021.
The firm – which trades under the Bristol Street Motors, Vertu Motors and Macklin Motors banners – now runs 160 franchised dealerships and aftersales outlets across the country and saw revenues climb to £3.6bn from £2.5bn.
