Vertu Motors plc (“the Group”) - AGM Statement

Highlights

Trading in the first four months of the year ahead of expectations, benefitting from improved performance of prior year acquisitions and strong market conditions.

Peter Jones appointed Chairman

Trading in the first four months of the year ahead of expectations
  • Group has continued to generate strong revenue growth across all areas of business
  • Acquisitions from prior years showing significant improvements
    • Higher sales of used vehicles
    • Stronger service revenues
  • Market conditions remain strong
Board expects trading performance for the year ending 28 February 2015 to be ahead of current market expectations
  • Total revenues up by 34.8%, like-for-like revenues up 16.4%
  • Total gross profit up by 28.4%, like-for-like gross profit up 9.9%
  • Overall gross margins down due to revenue mix
  • Operating expenses as a percentage of sales down
Vertu is gaining market share
  • Group’s like-for-like new retail volumes up by 13.5% outperforming the market (11.9%)
  • Fleet operations like-for-like volumes up by 12.0%, outperforming the market (10.1%)
  • Used vehicle sales up like-for-like by 13.5% outperforming the market (*5.9%)
  • Increased like-for-like sales, gross profits and net profits in Aftersales
Effective 1 January 2015, Peter Jones will be Non-executive Chairman
  • Industry background includes
    • CEO of Lookers from 2009 to end 2013
    • Joint ownership of Bramall and Jones Ltd
    • Commercial Director at Inchcape Retail
    • CEO of C.D. Bramall plc
    • Commercial Director of Rover Cars UK & Ireland
  • Industry heavyweight respected across automotive sector and investment community
Contact

For further information please contact:

Vertu Motors plc
Robert Forrester, CEO
Tel: 0191 491 2111
Michael Sherwin, FD
Tel: 0191 491 2114
Panmure Gordon (UK) Limited
Hugh Morgan
Callum Stewart
Tel: 020 7886 2500
Liberum Capital Limited
Peter Tracey
Jamie Richards
Tel: 020 3100 2000
Camarco
Billy Clegg
Georgia Mann
Tel: 020 3757 4980
Notes to Editors

Vertu Motors is the sixth largest automotive retailer in the UK with a network of 108 sales and aftersales outlets across the UK. Its dealerships operate predominantly under the Bristol Street Motors, Vertu, Farnell Land Rover and Macklin Motors brand names.

Vertu Motors was established in November 2006 with the strategy to consolidate the UK motor retail sector. It is intended that the Group will continue to acquire motor retail operations to grow a scaled dealership group. The Group's acquisition strategy is supplemented by a focused organic growth strategy to drive operational efficiencies through its national dealership network. The Group currently operates 106 franchised sales outlets and 2 non-franchised sales operations from 88 locations across the UK.

Vertu Motors group websites - www.vertumotors.com / www.vertucareers.com

Vertu Motors brand websites - www.bristolstreet.co.uk / www.vertuhonda.com / www.macklinmotors.co.uk / www.farnelllandrover.com / www.vertuvolkswagen.com / www.farnelljaguar.com

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