Pre-close trading update

RNS Number : 1429Y

Vertu Motors PLC

28 August 2009

 



28 August 2009

Vertu Motors plc ('Vertu Motors' or 'the Group')

Pre-close trading update

Vertu Motors plc, the 9th largest UK motor retailer, announces the following trading update ahead of its Interim Results for the six month period ended 31st August 2009.

The Group is pleased to confirm that trading has followed the positive trends detailed in the AGM Statement announced on 23rd July 2009.  Accordingly, the Board expects to report performance in line with the revised market expectations following the AGM statement.

The Group announced it was disposing of a surplus freehold property on 3rd August 2009. This transaction completed on 27th August 2009, and the £3.9m cash generated will be utilised to reduce bank loans in line with the Group's banking arrangements.

The Group will announce its Interim Results on 14th October 2009.  A meeting for analysts will be held at 9.30am on the same day at the offices of Financial Dynamics, 26 Southampton Buildings, London, WC2A 1PB.

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For further information please contact:

Vertu Motors plc
Robert Forrester, CEO	Tel: [phone]
Karen Anderson, FD	Tel: [phone]
Brewin Dolphin Investment Banking
Andrew Kitchingman	Tel: [phone]
Sean Wyndham-Quin
Panmure Gordon (UK) Limited
Andrew Burnett	Tel: [phone]
Stuart Gledhill
Financial Dynamics
Caroline Stewart	Tel: [phone]
Edward Westropp

Notes to Editors

Vertu Motors is the 9th largest motor retailer in the United Kingdom with 52 dealerships forming a national network across England, operating under the Bristol Street Motors and Bristol Street Motor Nation brand names. Manufacturing partners include Citroen, Ford, Iveco, Honda, Hyundai, Mazda, Peugeot, Renault, Vauxhall and Chevrolet.

Vertu Motors was established in November 2006 with the aim of consolidating the UK motor retail sector. The company listed on AIM in December 2006. In March 2007, the Group acquired the 13th largest motor retailer in the United Kingdom, Bristol Street Motors.

The Group currently operates 48 franchised sales outlets, 4 non-franchised sales operations and 2 stand alone service operations from 48 locations. It is intended that the Company will continue to acquire motor retail operations to grow a scaled dealership group. The Company's acquisition strategy is supplemented by a focused organic growth strategy to drive operational efficiencies through the national network.

www.vertumotors.com 

www.bristolstreet.co.uk

www.vertuhonda.com

www.motornation.co.uk

 

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