Vertu results, reports and presentations
| Date | Title | Results | Reports | 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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