Vertu Motors’ shares tumble on profit alert

Vertu Motors jolted financial markets with a profit warn‑ ing yesterday, blaming further steep falls in new car sales and cautious consumer spending.

Thedealership,whichhas121 UK stores and runs the Mack‑ lin Motors brand in Scotland, said like‑for‑like sales of new cars tumbled 13 per cent in the final four months of 2017. Used cars sales saw dropped 3.2 per cent, Vertu Motors said.

The business said that as a result profits for the year to end‑february will be “mod‑ erately” lower than expected, leaving its shares on the stock market to close down nearly 6 per cent at 44.2p.

Robert Forrester, chief exec‑ utive of Vertu Motors, said: “The group has experienced tougher trading conditions compared to recent years as sterling’s devaluation places pressure on new car pricing and supply.

“This has coincided with a slightly softer general con‑ sumer environment in the run‑up to Christmas which has been well‑reported.”