Automotive retailer Vertu Motors plc (VTU.L) reported Wednesday that its first-half profit before tax dropped 26.6 percent to 22.1 million pounds from last year's 30.1 million pounds.
Basic earnings per share were 4.77 pence, compared to 6.58 pence a year ago.
Adjusted profit before tax was 23.5 million pounds, compared to last year's 31.5 million pounds. The company noted that the first-half profits were lower than prior year levels, as anticipated, as costs increased due to cost inflation and increased headcount to drive activity.
Total Group revenue for the period increased 2.9 percent to 2.49 billion pounds from prior year's 2.42 billion.
Further, Vertu Motors announced increased interim dividend of 0.90 pence per share, compared to last year's 0.85 pence, payable in January 2025.
Regarding the current trading, the company said Group September trading performance was in line with prior year levels. Like-for-like new retail car sales growth was 5.2 percent.
The Board anticipates that full year profits will be in line with current market expectations.
Looking ahead for fiscal year ending February 28, 2025, Vertu Motors anticipates that profits will be in line with current market expectations.
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