Vertu Motors (AIM:VTU): Current year ahead but outlook less certain
The AIM quoted motor retailer issued a positive trading update in advance of its preliminary results for the year ending 28 February 2010.
Following a strong trading performance in the first six months of the financial year, trading in the period to 31 January 2010 has remained ahead of budget and prior year levels with management now expecting Group performance for the full year to exceed market consensus expectations (consensus pre-tax £4.99m and eps 2.12p). The new vehicle market continued to be stimulated by the scrappage scheme with private new vehicle registrations in the UK growing 67.9% in the period from September to January. The Group’s new car retail like-for-like volumes rose 18.6% in the corresponding period. Scrappage sales have changed the normal…