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

Growth strategy delivers record half year revenues and profits

Full year results anticipated to be in line with market expectations

Download our full unaudited interim results here: PDF

Unaudited interim results for the six months ended 31 August 2016

Robert Forrester interview on latest results
Interview with Robert Forrester
Robert Forrester interview on latest results
Analyst interview with Mike Allen, Zeus Capital.

Number of Retailers

Growth strategy delivers record half year revenues and profits

  • Revenues increased by 17.7% to £1,454.6m (2015 H1 : £1,236.1m)
  • Record profit before tax up 14.0% to £18.7m (2015 H1 : £16.4m)
  • Adjusted1 profit before tax up 14.7% to £19.5m (2015 H1: £17.0m)
  • Period end net cash of £12.9m (2015 H1 : £32.1m)
  • Cash generated from operations of £26.4m (2015 H1 : £37.6m)
  • Earnings per share of 3.87p (2015 H1 : 3.82p)
  • Adjusted* earnings per share growth of 25.4%
  • Raised £35m in March 2016 to finance further acquisitions, with the majority of funds deployed
  • Interim dividend up 11.1% to 0.50p per share (2015 H1 : 0.45p per share) to be paid in January 2017

1 adjusted for amortisation of intangible assets and share based payments charge.

Operational Highlights

  • Record Group trading performance driven by improvement in recently acquired businesses, a strong used car performance and growth in higher margin service area
  • Growth strategy progressed with greater premium mix, including additions of Mercedes-Benz and Toyota franchises to Group
  • Group gross profit margins increased from 10.6% to 11.1%
  • Like-for-like service revenues up 6.6%: long-term growth trend continues
  • Group service gross profit margins strengthened from 76.9% to 77.9%
  • Like-for-like used vehicle volumes increased 8.5%: the 10th consecutive half year period of growth
  • Like-for-like used car margins strengthened from 10.0% to 10.7%
  • Total car and van volumes sold up 10.7%
  • Softening of new private retail market: Group like-for-like new car retail volumes down 4.2%
  • Strong performance in new commercial van sales with strengthening fleet and commercial margins

Outlook Highlights

  • Robust September trading performance ahead of last year on a like-for-like basis
  • Like-for-like new car retail volumes in line with SMMT data: broadly flat year on year
  • Recent acquisitions contributing to profit growth

Results Past and Present

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