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Vertu reveals pre-tax profits

Vertu Motors has posted a pre-tax pre-exceptional profit of £0.7 million and revenue of £290.3 million for the period from Nov 1, 2006 to Aug 31, 2007.

In a statement to the stock market, Vertu said it had made a good start in the second half of the financial year.

Vertu also said it was well placed to take advantage of improvements in its existing businesses and additional acquisition opportunities in 2008.

Bristol Street Motors' dealerships saw retail volumes of new vehicles rise by 13.6% on a like for like basis in September, while the used car segment saw like for like volumes in the Bristol Street Motors' and Motor Nation dealerships rise 7.8%.

Robert Forrester, Vertu chief executive, said: "I am delighted to report that within less than 12 months of the company being incorporated we have made good progress towards our stated strategic objectives set out at the time of our flotation in December 2006.

"We have concluded four acquisitions in the period, creating the UK’s tenth largest motor retailing group by turnover in the process. The integration of the businesses has progressed well and we are seeing performance improvements across the operations.

"The new management structure of the group is now in place and coupled with our strong balance sheet, we believe we are well placed to take advantage of performance improvements in our existing businesses and additional acquisition opportunities in 2008." An analysts’ briefing will be held at the offices of Financial Dynamics at Holborn Gate, 26 Southampton Buildings, London, WC2A 1PB at 9.30am on 7th November 2007.

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