Motor retailer Vertu sees revenue reach over £4bn for first time

The business, which includes Bristol Street Motors in Stafford and West Bromwich, and Vauxhall Lichfield, also revealed adjusted profit before tax fell, from £39.3m, compared to £80.7m but it is increasing its dividends.

The company said profit was 'slightly ahead of market expectations' as it revealed the figures in its final results for the year ending February 28, 2023.

Robert Forrester, Chief Executive, said: "The year was critical for the Group as we undertook our largest ever acquisition and generated over £4bn of revenues for the first time.

"The Helston businesses have now been integrated into our systems platform.

"The acid test was how our core Group and new dealerships performed in March and April and I am delighted to report that the trading result post year end has been encouraging and gives confidence for the year ahead.

"The reported results reflect a strong profit and excellent cash performance, both ahead of expectations.

"As a result, we have chosen to propose a significantly increased final dividend, delivering a 26.5 per cent higher dividend for the year as a whole.

"The business is in a healthy financial and operational position to further develop and gain from the benefits of scale as sector consolidation continues."