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Vertu in 30m share placing
VERTU, the car retailer, announced yesterday it would raise £30m through a share placing, as it sought to raise its number of dealerships from 45 to over 60. It added that its sales at the company were beating market averages, as it posted pre-tax profit of £70,000 for the year to end-February. Last year, 14 months from launch, Vertu reported pretax profits from £140,000. “It’s a very good period to expand, as property and stock prices have all fallen,” financial director Karen Anderson said. Vertu, whose franchises include Ford, Honda, Citroen and Peugeot, also cut its net debt to £3.4m