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August 2017 Company Results

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Vertu results, reports and presentations

Date Title Results Reports Presentation Webcast
31st August 2017 Interim Results 2017 Download Download Download Watch now

Unaudited interim results for the six months ended 31st August 2017

Robert Forrester interview on latest results

Robert commenting on the Sector issues

Robust performance gives confidence for the full year

  • Revenues of £1.45bn (2016 H1: £1.45bn)
  • Group gross margin 11.0% (2016 H1: 11.1%)
  • Record profit before tax up 29.4% to £24.2m (2016 H1: £18.7m)
  • Adjusted profit before tax up 7.2% to £20.9m (2016 H1: £19.5m)
  • Adjusted earnings per share of 4.24p (2016 H1: 4.06p)
  • (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.

Performance is underpinned by continued focus on managing expenses

  • Like-for-like savings of £0.8m achieved in operating expenses despite well-publicised cost headwinds
  • Operating expenses as a % of revenue reduced to 9.5% from 9.6%
  • Return on sales strengthened to 1.5% (2016 H1: 1.4%)

Capital discipline is reflected in increasing returns to shareholders

  • 3.8m shares repurchased at an average of 42.8 pence per share deploying £1.6m of cash
  • Share buy-back programme to continue for up to a further £3 million
  • Interim dividend up 10% to 0.55p per share (2016 H1: 0.50p)

Opportunities for continued growth funded by sector leading balance sheet

  • Period end net cash of £20.8m (2016 H1: £12.9m)
  • Freehold and long leasehold property portfolio of £175.0m
  • Sale and leaseback property transaction demonstrates inherent value in the property portfolio

Encouraging outlook for growth

  • Aftersales outlook strong with 104,142 active service plans (2016 H1: 97,427)
  • Used car residual values strengthening due to reduced supply into the market
  • Further realisations of surplus property expected over next 12 months
  • Following the September trading performance full year adjusted profit before tax anticipated to be in line with market expectations

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