BUSINESS LIVE: Tesco lifts profit forecast; Superdry India expansion;  Vertu hikes dividend

Vertu Motors has increased its interim dividend by 21.4 percent to 0.85 pence per share after the second-hand car dealer’s turnover rose by a fifth in the first half, thanks to economies of scale from recent acquisitions.

Robert Forrester, CEO, said:

‘The group has achieved annual profit growth of 11.7 percent thanks to its greater scale.

‘The consistent strategies around digitalization, cost efficiency, smart capital allocation and the development of our management and colleagues provide a solid foundation to deliver value to our shareholders.

‘The 21.4% increase in the interim dividend demonstrates the financial strength of the Group and the progress being made. Trading in the key month of September was strong, reflecting the number plate change for new cars.”

Struggling fashion retailer Superdry has entered into a joint venture with Reliance Brands Holding UK to sell its intellectual properties in India, Sri Lanka and Bangladesh for £40 million.

The group said, “Since partnering with RBL in 2012, the Superdry brand has rapidly expanded in India.

“Given the backdrop of a growing Indian economy, a growing population of affluent shoppers and ever-increasing clothing consumption, the Superdry brand has attractive potential in the market.

‘As the leading fashion retailer in India, RBUK, through a majority stake in the intellectual property, is best placed to maximize the opportunities.’

The trial against Sam Bankman-Fried started yesterday in what has been called a ‘turning point’ for the crypto world.

The disgraced tycoon, who founded the cryptocurrency exchange FTX in 2019, is being tried for alleged financial crimes stemming from the company’s collapse last November.

Tesco has raised its full-year profit forecast after Britain’s biggest retail sector had a better-than-expected first half and cost inflation fell.

Ken Murphy, CEO, said:

‘Our investments in value and in improving more than 1,100 own-brand products, from pasta to fresh fish, help us deliver excellent quality at great prices, all backed by market-leading availability.

‘Customers are responding well and are contributing to the increase in market share in store and online. We’re seeing results at both ends of the basket, with strong growth in our Finest range, as shoppers look to save by treating themselves at home and vote with their feet when switching from premium retailers to Tesco.

‘This relentless focus on customers, combined with significant cost savings from our Save to Invest programme, led to our strong performance in the first half of the year. Food inflation fell over the half year and while external pressures remain, we expect this to continue in the second half of the year.

‘We are in a strong position to continue investing for customers and will continue to reduce prices wherever we can. We are doing everything we can to ensure customers can have a fantastic, affordable Christmas by shopping at Tesco.”