Strong H1 and forecasts upgraded

H1 results released today confirm the positive trajectory indicated in recent newsflow. Vertu had a strong H1, achieving record revenues of £2596.5m, just ahead of H1 FY26. Adjusted PBT of £23.8m was some 19% above the prior year as Gross Profit grew across the business. The new car market is demonstrating good growth, including a rebalancing towards (higher margin) private sales. Management actions in expanding into older vehicles and continuing investment in technology are showing benefits, whilst Vertu is gaining representation with the Chinese brands. The results disclose that the full results for the year ending 28 February 2027 are now expected to be ahead of current market expectations. We have adjusted our forecasts again to reflect the positive news.

Strong H1 and forecasts upgraded

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The trading update released today provides encouraging news. Both new and used vehicles are performing well and ‘Value Cars by Vertu’ has been launched successfully. The portfolio exposure to leading Chinese brands is building; the focus on costs is a constant. Management welcomes the government consultation on the ZEV mandate, albeit with a note of caution. Orders for the July-September quarter ahead of the September plate change give management the confidence to anticipate FY27 results ahead of market expectations, and we raise our FY27 adjusted PBT estimate accordingly.

Strong trading drives forecast upgrade

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Vertu’s AGM trading update covering the three months to end May states that Vertu is trading ahead of market expectations and that it is seeing like for like volume growth across the Group. Aftersales continues to drive profit growth whilst group margins are stable with overall trading ahead of prior years. We have adjusted our forecasts for FY27 to reflect this encouraging news. Vertu is growing its exposure to the leading Chinese brands, with two openings, on existing Vertu sites, planned for Omoda and Jaecoo. By October, 15 of Vertu’s sales outlets will be with Chinese automotive brands.

Trading ahead of market expectations

G4M’s full year results to 31 March 2026 were marginally ahead of the guidance in April’s post close trading update. This rounds off a truly outstanding and transformative performance, marking a step change in the group’s scale and operational efficiency. G4M has delivered profitable market share gains in both its home UK market as well as in its international markets, capitalising on market consolidation, competitor withdrawals, and a more benign pricing environment. G4M has delivered double digit revenue growth in FY27E year to date. It continues to invest for future growth, including its UK warehousing capacity ahead of FY27 peak trading.

A truly transformative year

IG Design Group’s FY26 results were ahead of market expectations on all key metrics, as previously announced in April. Following the disposal of DG Americas (DGA) in May 2025, the group’s results will henceforth use sterling as the reporting currency. In the wake of another strong period of cash generation and the creation of distributable reserves, the group has announced a final dividend of 1.0p together with a proposed share buyback programme to bolster shareholder value and returns. Future growth will be driven by the four established strategic pillars with annual guidance unchanged for revenue growth (0% – 5%), adjusted operating margins (4% – 5%) and free cash generation (c.£5m) for FY27E and FY28E.