UK automotive retailer Vertu Motors has upgraded its trading performance for the year ended 28 February, as it continues to benefit from used and new cars' gross margins. The group said it expected the adjusted profit before tax to be "not less than £75m," after it delivered a significant growth in like-for-like vehicle sales margins compared with the previous two years. Vertu's used car business reported a 52.5 per cent gross profit per unit while margins rose to 9.4 per cent. As for new retail car, the company's profits increased by 41.6 per cent. According to Liberum analysts, supply constraints which have supported Vertu's gross margins could normalise but demand, especially that of new cars, continues to remain exceptionally high.

(c) 2022 City A.M., source Newspaper