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

results

August 2016 Company Results

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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

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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