RAPIDLY-growing motor dealership group Vertu say sit expects to beat market expectations for the full year after a strong first half.
The Newcastle-based business, which trades nationally mainly as Bristol Street Motors, said revenue rose by 14.8% to £628.1m in the six months to the end of August, while pre-tax profits jumped by 26.8% to £5.2m.
The group has network of 86 sales and aftersales outlets, 10 of which were added since the start of March this year.
Vertu said the new car retail market is improving, which fuelled a 7.9% like-for-like increase in volumes. There was also a 13.2% increase in volume and margins in its used car sales.
Chief executive, Robert Forrester, said: “I am delighted to report that the group has delivered an excellent profit performance for the first half of the financial year with strong growth compared to the prior year.
“Market conditions have improved and this is reflected in higher sales volumes in both new and used cars.
“The group's aftersales strategies are now consistently delivering growth of revenues and profits in the service area.
“In addition, businesses acquired in recent years are delivering on their growth potential and producing improving returns.”