Vertu Motors looking to come out of the pandemic and take advantage of the acquisition opportunities likely to arise in the months ahead.
During the year it added 12 sales outlets and three new franchises.
The group delivered pre-tax profits down 71% to £7.3m on turnover up 2.8% to £3.1bn in the year to 29 February. Like-for-like revenues grew 1.2%.
The company saw adjusted profit before tax of £23.5m in line with expectations.
Vertu said it was “well positioned” to take a larger role in the sector through consolidation and growth opportunities.
In aftersales it saw like-for-like revenue growth of 4.6% delivering a 5.9% growth in gross profit
Like-for-like fleet and commercial revenue growth of 5.3% delivering £5.6m additional total gross profit
Robert Forrester, chief executive officer, said: “The year to 29 February 2020 was robust for Vertu, but now the COVID-19 crisis and impact are clearly the focus.
“I have spent the best part of 20 years getting people into motor dealerships and the last two months effectively keeping them out. We entered the lockdown with a strong balance sheet, minimal use of used car stocking loans and excellent relationships with our banks, all of which means we have sufficient liquidity to weather this crisis. “