StockMarketWire.com - Auto dealer Vertu Motors said it posted a profit in June that exceeded its expectations after buyers returned following an easing of UK lockdowns.

The company, however, also said that it had reduced it headcount by 6%.

Adjusted pre-tax profit for the month of June amounted to £9.0m, compared to a £14.2m loss for the March-to-May period.

"June trading was stronger than we had expected,' chief executive Robert Forrester said.

'The group's cash position was much stronger than we could have hoped, despite the fact the board has made the decision to ensure all suppliers are paid in full, on time, illustrating the discipline within the business.'

Forrester said the Covid-19 crisis had driven an acceleration of technology uptake.

'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,' he said.




Story provided by StockMarketWire.com