Home Money LIVE BUSINESS: Vertu eyes zero-emissions ramp-up in UK; Landsec increases its stake in Bluewater; Saga Insurance Challenges

LIVE BUSINESS: Vertu eyes zero-emissions ramp-up in UK; Landsec increases its stake in Bluewater; Saga Insurance Challenges

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 LIVE BUSINESS: Vertu eyes zero-emissions ramp-up in UK; Landsec increases its stake in Bluewater; Saga Insurance Challenges

The FTSE 100 is flat in early trading. Companies with trading reports and updates today include Vertu Motors, Landsec, Saga and AstraZeneca. Read the Business Live blog from Tuesday 25 June below.

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Vertu shines on a quiet morning for Footsie

Derren Nathan Share Research, Hargreaves Lansdown:

‘With few UK corporate or economic releases scheduled for today, the FTSE 100 is expected to have opened flat.

‘However, one British company that has caught up on trade is the Vertu Motors car dealer network. New vehicle volumes rose 6.8%, but margins declined, reflecting higher discounts.

‘The softness in car prices is another sign that inflation is receding and will provide some comfort to those expecting interest rate cuts in the near future.

‘The volume of used vehicles also grew strongly and prices remained stable. The Group also noted that regulatory support for electric vehicles may lead to a strengthening of used petrol and diesel vehicle values ​​as supply declines. Overall, Vertu expects results for the year ending February 2025 to be in line with market expectations.

Saga points out insurance challenges

Over-50s specialist Saga has said its cruise business has experienced an “exceptional” level of bookings this year, but warned of a challenging market putting pressure on its insurance division.

The London-listed firm, specialized in products and services for people over 50, highlighted a good start to the year for its ocean and river cruises.

Bookings are ahead of the same period last year, with revenue 14 per cent higher as more passengers secured their holidays, Saga said.

However, the company noted that conditions remain difficult in the insurance sector, with inflation continuing to put pressure on its trading costs.

Atom Bank abandons Durham base as many employees work from home

Atom Bank will become the latest lender to abandon its offices as many employees work from home.

Chief executive Mark Mullen said attendance at the app-based bank’s headquarters in Durham is just a third of previous levels and it will look for a new location in the north-east of England.

Vertu eyes zero emissions push in UK

Vertu Motors expects Britain’s zero-emission vehicle mandate to create “volatility” in the new car market, reducing the supply of new petrol and diesel vehicles and driving up second-hand prices.

The zero-emission vehicle mandate sets the percentage of new zero-emission cars and vans that manufacturers must produce each year until 2030.

The government’s targets want 80 per cent of new cars and 70 per cent of new vans sold in Britain to be zero emissions by 2030, rising to 100 per cent by 2035.

It came as Vertu reported strong growth in new and used car sales volumes ahead of its annual general meeting, with the dealer group on track to meet expectations for the full year.

Chief Robert Forrester said:

‘I am pleased to report that trading remains positive.

‘Used car prices have remained stable and we have gained market share in the new car and Motability retail market and achieved strong comparable volume growth in used vehicles.

“The performance of our high-margin aftermarket business has remained strong.”

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