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Vertu Motors PLC - Gateshead, England-based car dealership chain - Launches new £3.0 million share buyback and extends the term of an existing buyback to allow the remaining £1.0 million in shares of the previous £6.0 million programme to be purchased. This will bring total buybacks since May to £9.0 million. The buybacks will be conducted by Zeus Capital Ltd using existing Vertu cash resources and will be completed by February 29 next year. The repurchased shares will be cancelled. The announcement comes after Vertu last week reported a 12% increase in pretax profit to £30.1 million in the half-year that ended August 31 from £26.9 million a year before, as revenue rose by 21% to £2.42 billion from £2.00 billion, thanks to an acquisition. It hiked its interim dividend by 21% to 0.85 pence from 0.70p. Current stock price: 71.83 pence for £245.1 million market capitalisation 12-month change: up 64% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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