Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Vertu laments ailing car industry
Car dealer Vertu Motors (VTU) has issued a trading update ahead of its AGM in which it remarks that the 'fragility of UK consumer demand' has led to further pressure on both its used and new car markets.
The AIM-quoted group remarked that in addition to a reduction in UK consumer demand, a number of other factors have also effected the car market including the 'continued devaluation of Sterling' and the Japanese earthquake, which hurt car manufacturers that operate in the country such as Honda and Mazda.
As a result new car sales to private customers fell by 6.6 per cent while used car like-for-likes declined 5.8 per cent in May and June. Gross margins also declined, falling from 11 per cent to 10.3 per cent in the used car business and from 7.9 per cent to 7.4 per cent in its new car division. However there was some good news for Vertu, as it noted that like-for-like margins in its aftersales operations increased from 40.1 per cent to 43.1 per cent.
Analysts at house broker Panmure Gordon downgraded their forecasts following the announcement. Panmure cut its 2012 pre-tax profits forecast from £8.9 million to £8.4 million and its 2013 figures from £9.5 million to £9.3 million. EPS of 3.3p and 3.5p are now forecast for 2012 and 2013, respectively.
Last recommended by Growth Company Investor as a 'hold' at 28.75p the shares currently trade at 30.25p. Operating in a tough industry, Vertu is facing the challenge of changing patterns in consumption among car-buyers. Car owners are now holding on to their cars for much longer or in many cases are selling their cars altogether as belts are tightened, with new car sales in particular hit as consumers avoid taking on costly finance deals as unemployment continues to affect many and the price of food rises. We retain our hold rating for now.
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