2013 Company Results

Ahead of market expectations

Download our full unaudited interim results here: PDF

Unaudited interim results for the six months ended 31 August 2013

Robert Forrester interview on latest results
Interview with Robert Forrester, Chief Executive commenting on the results.
99

Number of Retailers

Financial Highlights

  • Revenues increased by 33.3% to £837.2m (2012 H1: £628.1m)
  • Profit before tax up 68.6% to £8.6m (2012 H1: £5.1m(1))
  • Adjusted(2) profit before tax up 79.6% to £8.8m (2012 H1: £4.9m(1))
  • Balance sheet underpinned by freehold and long leasehold property portfolio of £104.5m (31 August 2012: £83.8m) and ungeared following the June 2013 placing of shares to raise £50m (gross)
  • Cash conversion up 285% to £30.4m (2012 H1: £7.9m)
  • Period end net cash of £25.7m (2012 H1: £2.2m)
  • Earnings per share up 30.6% to 2.56p (2012 H1: 1.96p(1))
  • Adjusted(2) earnings per share up 40.1% to 2.62p (2012 H1: 1.87p(1))
  • Interim dividend up 20% to 0.3p per share (2012: 0.25p per share) to be paid in January 2014
  • The Board anticipates full year results will be significantly ahead of market expectations

(1) prior year comparative figures have been restated following the Groupís adoption of IAS19 (revised)
(2) adjusted for exceptional charges, amortisation of intangible assets and share based payments charge/credit

Operational Highlights

  • Strong trading performance driven by favourable market conditions in vehicle sales and servicing
  • Newly acquired Farnell Land Rover performing strongly and being integrated smoothly
  • Growth strategy progressed with addition of seven further sales outlets since 1 March 2013
  • Excellent progress made in turnaround of previous acquisitions aided by underlying market
  • 19.6% like-for-like new retail volume increase with consistent margins
  • Fleet car volumes rose 28.0% with market share gains
  • Strong volume and margins in used cars led to 12.2% increase in like-for-like gross profit generation, up £2.8m
  • Service revenues increased 6.9% on a like-for-like basis, reflecting ongoing success of customer retention strategy
  • Aftersales margins strengthened on the back of strong like-for-like service margins, up from 75.5% to 76.2%
  • Continued strong trading performance in September, with a 28.0% like-for-like new retail volume increase and continued market share gains
  • September service revenues grew 9.4% on a like-for-like basis

Results Past and Present

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