Vertu Motors' shares climbed 4.8% on Thursday, reaching 90.16p and setting a new 52-week high of 92.9p. The gain occurred as the broader market declined, with the FTSE 100 down about 0.5% and the AIM All-Share also trading lower.
The company reported a 4.6% like-for-like revenue increase for the five months ended July 31, reflecting continued growth in its operations. Vertu currently operates 18 sales points representing Chinese automotive brands, including BYD and MG.
Sentiment in the UK automotive retail sector improved after competitor Halfords raised its pre-tax profit guidance above prior market consensus, triggering sympathy buying in Vertu's stock. The company cited expectations for full-year results to exceed market expectations, strong order intake in September, and confidence in second-half performance as additional drivers for the rally.
Structural support for Vertu's shares also came from its ongoing share buyback program. The stock's advance to a new 52-week high underscored the improved trading conditions in the sector despite the broader market downturn.
