Vertu results, reports and presentations
| Date | Title | Results | Reports | Presentation | Webcast |
|---|---|---|---|---|---|
| 31st August 2016 | Interim Results 2016 | Download |
Unaudited interim results for the six months ended 31st August 2016
Interview with Robert commenting on the results
Watch the video
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 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 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
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