Vertu results, reports and presentations
| Date | Title | Results | Reports | Presentation | Webcast |
|---|---|---|---|---|---|
| 31st August 2014 | Interim Results 2014 | Download |
Unaudited interim results for the six months ended 31st August 2014
Interview with Robert commenting on the results
Watch the video
Financial highlights
- Revenues increased by 29.5% to £1,083.9m (2013 H1 : £837.2m)
- Profit before tax up 48.8% to £12.8m (2013 H1 : £8.6m)
- Adjusted(1) profit before tax up 51.1% to £13.3m (2013 H1 : £8.8m)
- Period end net cash of £34.4m (2013 H1 : £25.7m)
- Balance sheet underpinned by freehold and long leasehold property portfolio of £109.1m (31 August 2013: £104.5m)
- Healthy operating cash inflow of £15.9m (2013 H1 : £30.4m)
- Earnings per share up 16.8% to 2.99p (2013 H1 : 2.56p)
- Adjusted(1) earnings per share up 18.7% to 3.11p (2013 H1 : 2.62p)
- Interim dividend up 16.7% to 0.35p per share (2013: 0.3p per share) to be paid in January 2015
(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
- Record trading performance driven by recently acquired businesses and favourable market conditions particularly in used cars and service areas
- Growth strategy progressed with addition of six further sales outlets since 1 March 2014
- Like-for-like new retail volume increase 11.8% and ahead of the market
- Like-for-like volumes of fleet cars rose 12.4% and commercial vehicles rose 28.6%, both with market share gains
- Like-for-like used vehicle volumes increased 11.6%
- Lower overall Group gross margin due to higher proportion of vehicle sales
- Lower core Group(2) gross margins in new retail, fleet and commercial vehicle sales as Manufacturer supply push into the UK increases volumes
- Increase in core Group used car gross profit per unit of 6.8% as pricing disciplines are maintained
- Service revenues up 4.4% in the core Group, reflecting ongoing success of customer retention strategy
- Service margins strengthened due to strong core Group margins, up to 76.4% from 75.7%
Outlook Highlights
- The Board anticipates full year results will be in line with market expectations
- Continued strong trading performance in September, with a 9.3% like-for-like new retail volume increase against an increase in UK private registrations of 5.9% - market share gains continue
- September service revenues grew 8.6% in the core Group
- Peter Jones starts as Chairman on 1 January 2015
- Strong pipeline of acquisition opportunities
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