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New car sales slump triggers profit warning at AIM-quoted automotive retailer

New car sales slumped by 13.2% on a like-for-like basis at Vertu Motors (VTU:AIM) in the four months to 31 December, triggering a profit warning from the company.

Vertu has been hit by further declines in the new car market due to the depreciation of sterling and weaker consumer spending in the run-up to Christmas.

It is cautious on the outlook for the next financial year, although a strong, property rich balance sheet with low debt levels should, in theory, help it weather the tougher times ahead.

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