A MOTOR retailer has announced record profits in its first report since the Brexit vote.

Half-year results for Vertu Motors, which operates many of its dealerships as Bristol Street Motors, showed pre-tax profits were up 14 per cent to £18.7m for the six months to the end of August, compared with £16.4m at the same stage last year.

Revenues were also up by 17.7 per cent to £1.4bn from £1.2bn, and the company also revealed total car and van sales had risen by 10.7 per cent.

Vertu Motors, the UK’s fifth largest motor retailer, has 25 outlets in the North-East.

Bosses said the company’s record trading performance had been driven by its used cars department and its aftersales service – the company’s highest margin activity.

They also said recent acquisitions of Mercedes-Benz and Toyota franchises had provided “profitable and turnaround opportunities” to allow further growth.

Robert Forrester, chief executive of Vertu Motors, said: “In the first six months of trading, our proven growth strategy has delivered a record set of results with increased revenues, gross margins and profits.

“We have continued to successfully grow the business, through both organic growth and the acquisition and integration of premium franchises, as we seek to build a balanced portfolio.

“Consistent delivery of an outstanding customer experience continues to be a strong driver of the growth of dealership performances across the group.

“This is demonstrated by the growing number of customers retained into the group’s aftersales businesses.”

Bosses also revealed Britain’s vote to exit the European Union had “not materially impacted” consumer confidence or behaviour.

“The outlook for the remainder of the year remains positive, underpinned by low interest rates and record high levels of employment in the UK economy,” said Mr Forrester.

“The group’s trading performance in the key September plate change month was strong.

“The board anticipates the group’s full year results will be in line with market expectations.”

Last year, Vertu Motors opened a new £2m central support centre in Gateshead.

The new site includes a call centre, board and meeting rooms, electric vehicle charging points and a working environment with audio visual equipment, environmentally-friendly heating and an air conditioning system.