A message from Robert Forrester, CEO of Vertu Motors plc.

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August 2013 Company Results

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Vertu results, reports and presentations

Date Title Results Unaudited results Presentation Webcast
31st August 2013 Interim Results 2013 Download

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) Adjusted for exceptional charges, amortisation of intangible assets and share based payments charge.
    (2) Core: Dealerships that have traded for two full consecutive financial years.

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

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