GIANT car-dealership operator Vertu Motors has said profits are up year on year and it is continuing to seek new sites to add to its growing portfolio.
The Gateshead-based firm with 82 branches nationwide, which trades mainly as Bristol Street Motors, added two more dealerships to the group in July and August and is in talks about taking over three more.
In a trading update for the six months to the end of August, Vertu said profits were growing from new and used vehicle sales as well as vehicle servicing. It was continuing to trade in line with market expectations.
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 said investing in growth remained at the top of the board’s agenda and there was a strong pipeline of attractive acquisition opportunities.