Automotive retailer Vertu Motors plc (VTU.L) Tuesday reported like-for-like volume growth in New car retail and Motability, Fleet and commercial vehicle as well as used vehicles in the three month ended May 31.
Going ahead, the Board anticipates that fiscal 2025 results will be in line with current market expectations.
In its AGM trading updatefor the three-month period to May 31, the company said new car retail and Motability like-for-like or LFL volume growth was 6.8 percent gaining market share. Fleet and commercial vehicle LFL volume grew 6.4 percent, and used vehicle LFL volumes grew 6.7 percent.
Meanwhile, LFL new vehicle margins were 7.4 percent, down from 8.1 percent last year, with an increased Motability mix at lower margins and increased discounting.
Services revenues recorded 10.1 percent LFL increase compared to prior year, in part benefiting from investment in technician resource.
Regarding the outlook, the company said trading remains positive. The Group's high margin aftersales businesses have strong growth potential due to additional resource levels and Group strategies.
Robert Forrester, Chief Executive Officer of Vertu Motors, said, "Used car pricing has remained stable and we have gained market share in the new retail and Motability car market and delivered strong like-for-like volume growth in used vehicles. The performance of our high margin aftersales business has remained strong."
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