UK-based car seller Vertu Motors plc (LON:VTU) told investors that results for its full year, ended 28 February, will meet market expectations and aimed to reassure amid the pre-Brexit uncertainty.
It revealed that the looming Brexit is, in particular, creating uncertainty for its private and business customers.
The unpredictability over tariffs and the value of the pound, meanwhile, present an unprecedented level of uncertainty in regards to the future profitability of new vehicle supply into the UK, Vertu said.
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Vertu, nevertheless, highlighted that it has plans to improve its operational performance and profitability within its current dealership portfolio.
“Whilst the outlook remains uncertain, the group continues to be very well positioned to take full advantage of tougher markets which will, as has been the case in previous sector downturns, provide opportunities,” said Robert Forrester, Vertu chief executive.
“We have a strong balance sheet, underpinned by a property-rich asset base with low levels of debt, a clear focus upon capital allocation and we have an outstanding and stable team."
The trading update, for the last five months of its financial year, the car seller said that total group revenue was up 5.2% and the like-for-like figure was 1.4%.
On AIM, Vertu shares were down 4.6% changing hands at 36.8p.