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August 2021 Company Results

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Vertu Motors results, reports and presentations

Date Title Results Reports Presentation Webcast
31st August 2021 Interim Results 2021 Download Download Download Watch now









Unaudited interim results for the six month period ended 31st August 2021

Robert Forrester interview on the results

Analyst interview with Mike Allen, Head of Research, Zeus Capital

Highlights

  • Record trading results delivered with Adjusted[1] profit before tax of £51.8m (H1 FY21: £4.7m, H1 FY20: £16.9m), on revenues of £1.9bn
  • Vehicle sales volumes ahead of market trends in all areas and on a like-for-like basis compared to H1 FY20 (6 months ended 31 August 2019)
  • Gross margin of 11.6% reflects strong pricing disciplines in all areas
  • Acquisitions successfully integrated and performing well
  • Very strong cash flow performance - Free Cash Flow of £63.6m in the Period and Net cash[2] of £57.3m (H1 FY21: £36.5m)
  • Net tangible assets per share of 61.5p (28 February 2021: 50.2p) reflecting strong asset base, Net cash position and cashflow generation
  • 2.0m shares repurchased at a cost of £1.1m since 20 August 2021, buyback programme recommences today following publication of this statement
  • Dividends re-established with interim dividend of 0.65p per share declared, payable in January

(1) Adjusted to remove share-based payments charge and amortisation of intangible assets
(2) Excludes IFRS 16 liabilities, includes used vehicle stocking loans (no utilisation of used vehicle stocking loans at 31 August 2021)



Summary and Outlook

  • Record trading performance delivered in key month of September with a trading profit of £20.0m
  • New and used vehicle supply constraints continue and cost pressures evident, particularly in employment costs
  • Colleague reward packages and development programmes being enhanced to ensure fully resourced, stable teams are in place to deliver improvements in customer experience, retention and gross profit generation. Annualised investment of £12m expected
  • Continuing cautious view of balance of the year
  • The Board now anticipates that the Group's adjusted profit before tax for FY22 will be at least £65m, previously £50m to £55m
  • Increasingly visible acquisition pipeline





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