LONDON (ShareCast) - (Sharecast News) - Car dealer Vertu Motors expects to park up with a "significant year" of profit growth in its aftersales unit but acknowledged the outlook for the group as a whole remains "uncertain".


Vertu expects its trading performance for the year ended 28 February 2019 to be in line with current market expectations.

While its outlook is "uncertain", the AIM-listed group stated it was well positioned to take full advantage of tougher markets.

In the five months ended 31 January, Vertu saw revenues grow 5.2% - partly driven by a 14.2% bump in service revenues.

Used retail vehicle sale improved 6.2%, while retail sales of new vehicles slipped 4.8%.

Fleet sales sunk 29.1%.

Chief executive Robert Forrester said: "The board expects the trading performance for the year ended 28 February 2019 to be in line with current market expectations.

"Whilst the outlook remains uncertain, the group continues to be very well positioned to take full advantage of tougher markets which will, as has been the case in previous sector downturns, provide opportunities."

Elsewhere, Vertu announced that it had appointed Karen Anderson as its new chief financial officer, with immediate effect. Michael Sherwin stepped down as both CFO and director of the company.

As of 0815 GMT, Vertu shares had slipped 0.065% to 38.60p.

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