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Vertu grows by a quarter as acquisition strategy pays off

Vertu Motors has seen turnover rise by more than a quarter this year following acquisitions of 16 sales outlets and growth in sales at its core business.

Its interim financial results for the six months to September 1 show pre-tax profit rose 72.9% to £4.9m.

Group revenue increased by 27.3% to £511.1m.

Much of that £109.8m growth was generated by acquisitions, as businesses bought last year and this year contributed £76m in incremental sales.

However it is seeing sales growth ahead of the national market with its older core businesses, which include Ford, Vauxhall, Renault and Peugeot operations, now that they are recovering their historic market shares following the recession.

Overall profitability on a like-for-like basis rose £0.3m, while margins were eroded in Vertu’s new car retail, used cars and aftersales operations. Such erosion was not unexpected, said chief executive Robert Forrester.

> For more on Vertu's results, see AM magazine on October 22.

> Click here for full trading statement.

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