Inchcape trades ahead of expectations in H1 – Motor Trader

Inchcape said it was having a strong first half and it expected to deliver full year pre tax profits of £216m, ahead of the market consensus.

In a trading update it said the encouraging trends observed across the business in Q1 had continued, performance to date was better than expected.

“During the period we have seen our businesses benefit both from an uptick in demand and margin resilience.

But it warned that the second half could pose problems with the pandemic and the semi-conductor shortage hitting car supplies.

“There is still a high level of uncertainty about the second half, both in terms of the pandemic situation and issues relating to supply due to shortages of semi-conductors, which have had a limited impact on the group to date.

Inchcape publishes its interim results on 29 July 2021.

Vertu follows Lookers in urging shareholders to stay away from AGM – AM Online

Vertu Motors has followed fellow AM100 car retail PLC Lookers in urging shareholders to stay away from its upcoming AGM after the stalled easing of COVID-19 lockdown measures.

Earlier this week Lookers issued an update on its plans for its AGM at the Manchester Airport Marriott Hotel, on June 30, after Prime Minister Boris Johnson backed away from Government’s plan to remove all coronavirus restrictions on June 21 – delaying the move for at least four weeks.

Lookers had said that it was keen for shareholders to attend its AGM and general meeting in person, a month after forecasting a 2021 profit before tax which will “comfortably exceed current market consensus” of £34 million.

Now Vertu Motors has amended its plans for its AGM on June 23.

In a statement issued via the London Stock Exchange this morning (June 18), the group said that it “had hoped to be able to hold our AGM on 23 June as normal, following the expected removal of COVID-19 restrictions in England”.

But it added: “As we are still subject to Step 3 restrictions, our AGM will proceed, but we strongly discourage shareholders from attending in person.”

Sytner gets green light to expand Coventry BMW dealership – AM Online

Sytner Group has gained planning permission to expand its BMW dealership in Coventry despite objections from local residents about noise and vehicle emissions.

The AM100’s top car retail group by turnover will create 232 additional car storage spaces, on top of the site’s existing 300 spaces, in a new three-storey storage unit planned for the facility.

It said that the works will ensure that vehicle deliveries can be completed on-site and without disrupting traffic flow around the dealership on Holyhead Road, Coventry. […]

Swansway Group saves £1m by switching to LED light bulbs – AM Online

Swansway Group has invested more than £300,000 to replace all the light bulbs across its business with LED units.

The move is expected to reduce carbon emissions from the company by 150 tonnes over a five-year period and will contribute to cost savings of around £1 million.

Family owned Swansway Group operates 23 new and used car and van dealerships across the North West and Midlands.

The group-wide sustainability initiative is expected to pay for itself in 12-15 months through reduced energy bills and provide ongoing cost savings through lower operating costs and maintenance. […]