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results

Unaudited interim results for the six months ended
31 August 2023
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Strategic highlights

1

Successful integration of the Helston acquisition and the Board is pleased with progress to date. This acquisition added a total of 28 sales outlets to the Group and despite the extent of this acquisition, full integration onto the Group's systems platforms and processes was completed by the end of March 2023.

2

Delivery of operational excellence and digitalisation to ensure efficiency, control and reduced cost.

3

Continued application of stringent capital allocation disciplines:

  • Forecast net capital expenditure for FY24 reduced by £10.2m
  • Interim dividend increased over 20% to 0.8p per share
  • 7.7m shares repurchased at a cost of £5.0m since 1 March 2023: buyback continues

Vertu results, reports and presentations

Date Title Results Reports Presentation Webcast
31st August 2023 Interim Results 2023 View results View View presentation Watch webcast
View transcript
28th February 2023 Annual Results 2023 View results View View presentation Watch webcast
31st August 2022 Interim Results 2022 View results View View presentation Watch webcast
28th February 2022 Annual Results 2022 View results View View presentation Watch webcast
31st August 2021 Interim Results 2021 View results View View presentation Watch webcast
28th February 2021 Annual Results 2021 View results View View presentation Watch webcast
31st August 2020 Interim Results 2020 View results View View presentation Watch webcast
29th February 2020 Annual Results 2020 View results View View presentation Watch webcast
31st August 2019 Interim Results 2019 View results View View presentation Watch webcast
28th February 2019 Annual Results 2019 View results View View presentation Watch webcast
31st August 2018 Interim Results 2018 View results View View presentation Watch webcast
28th February 2018 Annual Results 2018 View results View View presentation Watch webcast

Unaudited interim results for the six months ended 31st August 2023

Interview with Robert commenting on the results

Highlights

  • Delivery of strategy to grow a scaled franchised dealership group exhibited with successful integration of the significant Helston acquisition
  • Revenues grew over 20% to record levels aided by acquisitions and growth in the Core Group
  • Core Group gross profit increased £11.9m in the Period
  • Adjusted1 profit before tax up 11.7% to £31.5m (H1 FY23: £28.2m)
  • Gross margin of 11.0% (H1 FY23: 11.2%) achieved, with an increase in used vehicle gross profit per unit compared to H2 FY23
  • Free Cash Flow reflects targeted investment in used vehicle inventory to drive market share in H2: Capex forecast for full year reduced by £10.2m
  • Net tangible assets per share of 70.9p (28 February 2023: 65.3p) reflecting strong asset base
  • Bristol Street Motors remains the highest-ranking franchised dealership brand in England for prompted brand awareness
  • 7.7m shares (representing 2.2% of share capital in issue on 1 March 2023) repurchased at a cost of £5.0m since 1 March 2023: buyback continues with 14% of issued shares repurchased over the last seven years
  • Increased interim dividend of 0.85p per share declared, up 21.4% from 0.70p in H1 FY23, payable in January 2024
  • Low gearing ratio of 25.5% with strong freehold asset base

[1] Adjusted to remove share-based payments charge, amortisation of intangible assets and other non-underlying items

Summary and Outlook

  • The Board anticipates that full year profits will be in line with current market expectations
  • Strong performance delivered in the plate change month of September despite economic headwinds
  • New vehicle supply continues to improve
  • Used vehicle sales volume improving with prices reflecting more normalised depreciation patterns
  • High margin aftersales demand remains robust and increased technician resource is being sourced to capture more aftersales revenues and profits
  • Number of quality bolt-on acquisition opportunities identified
  • The Board is closely monitoring the impact of the Agency model on Group performance

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