Vertu Motors (VTU)

Sector:

Retailers

Index:

FTSE AIM All-Share

53.80p
   
  • Change Today:
      0.50p
  • 52 Week High: 75.00
  • 52 Week Low: 46.70
  • Currency: UK Pounds
  • Shares Issued: 348.95m
  • Volume: 500,782
  • Market Cap: £187.73m
  • RiskGrade: 217

Vertu Motors swings to profit in June; to cut 345 jobs

By Michele Maatouk

Date: Tuesday 14 Jul 2020

LONDON (ShareCast) - (Sharecast News) - Vertu Motors said on Tuesday that it swung to a profit in June amid better-than-expected trading, but announced plans to cut around 345 jobs due to automation and as it looks to cut costs.
The AIM-listed car dealership swung to an adjusted pre-tax profit of £9m in June from a loss of £14.2m in the March to May period. The performance was ahead of June last year and better than the company's expectations of £8.6m.

Vertu's dealerships in England saw all showrooms open for vehicle sales on 1 June, while its 12 sales showrooms in Scotland re-opened on 29 June.

The company attributed the rebound in retail sales demand to a number of factors. It pointed to pent-up demand, with consumers having increased savings ratios during the lockdown.

"Lack of plans to undertake foreign holidays and to stay in the UK may also be increasing demand as well as a potential aversion to the use of public transport," it said, adding that these trends have continued into July.

Chief executive officer Robert Forrester said: "The Covid crisis has driven an acceleration of technology uptake and we are embracing this trend to futureproof the business. As automation progresses, we have made the difficult decision to reduce group headcount by 6%, which contributes to £10m of on-going annualised cost savings being identified."

Vertu said full-year guidance remains withdrawn "given the ongoing uncertainty around the pace and sustainability of economic recovery".

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Vertu Motors Market Data

Currency UK Pounds
Share Price 53.80p
Change Today 0.50p
% Change 0.94 %
52 Week High 75.00
52 Week Low 46.70
Volume 500,782
Shares Issued 348.95m
Market Cap £187.73m
RiskGrade 217

Vertu Motors Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
89.50% above the market average89.50% above the market average89.50% above the market average89.50% above the market average89.50% above the market average
77.78% above the sector average77.78% above the sector average77.78% above the sector average77.78% above the sector average77.78% above the sector average
Price Trend
58.65% above the market average58.65% above the market average58.65% above the market average58.65% above the market average58.65% above the market average
70.83% above the sector average70.83% above the sector average70.83% above the sector average70.83% above the sector average70.83% above the sector average
Income
60.60% above the market average60.60% above the market average60.60% above the market average60.60% above the market average60.60% above the market average
12.00% above the sector average12.00% above the sector average12.00% above the sector average12.00% above the sector average12.00% above the sector average
Growth
91.91% above the market average91.91% above the market average91.91% above the market average91.91% above the market average91.91% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 1
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Vertu Motors Dividends

  Latest Previous
  Final Interim
Ex-Div 30-Jun-22 16-Dec-21
Paid 29-Jul-22 21-Jan-22
Amount 1.05p 0.65p

Trades for 17-Aug-2022

Time Volume / Share Price
16:35 18,664 @ 53.80p
16:29 2,372 @ 53.90p
16:28 515 @ 54.00p
16:28 1,750 @ 54.00p
16:28 2,373 @ 53.90p

Vertu Motors Key Personnel

CEO Robert Forrester

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