Vertu Motors shares down as firm eyes record profits

Vertu Motors was eyeing up a record year on Tuesday, though the markets didn't quite seem to agree with the board in afternoon trading.

The AIM-traded company released a pre-close trading update early in the day, ahead of its results for the year ended 29 February.

"[We expect] trading performance for the year ended 29 February 2016 to be ahead of current market expectations, anticipating record revenues and profits in the period," the company's board said in a statement.

It added that, in the five months ended 31 January, Vertu saw continued growth in volumes, revenue and profits.

Trading in the company's shares followed a downward trend throughout the day, however, and at 1501 GMT its price was down 1.71% to 69.3p.