A mixed bag from Vertu Motors (VTU) at the half-year mark, although numbers from the car dealer were largely what analysts had expected. A resilient top line, up 8 per cent on a like-for-like basis, was set against a 30 basis point contraction in the group margin to 10.7 per cent. Management pointed to detrimental supply-side issues, including “depressed sterling levels weighing on the profitability of manufacturers supplying the UK market”, which continue to put new car margins under pressure, as well as operating expenses.
IC TIP:
Hold
at
39.2p