Vertu Motors results, reports and presentations
| Date | Title | Results | Reports | Presentation | Webcast |
|---|---|---|---|---|---|
| 31st August 2022 | Interim Results 2022 | View results | View | View presentation | Watch webcast |
Unaudited interim results for the six month period ended 31st August 2022
Robert Forrester interview on the results
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Analyst interview with Mike Allen, Head of Research, Zeus Capital
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Highlights
- Delivery of strategy to grow scaled franchised dealership group with commencement of operations of Toyota in the West of Scotland
- Revenues grew 3.9% and the Group is now anticipated to be the fourth largest automotive retailer in the UK by revenues
- Market share growth in all new vehicle channels with 6% new van market share achieved
- Adjusted[1] profit before tax of £28.2m (H1 FY22: £51.8m), on revenues of £2.0bn
- Gross margin of 11.2% (H1 FY22: 11.6%) reflects continued strong pricing disciplines in all areas
- Free Cash Flow of £23.2m in the Period and Net Cash[2] of £17.8m (28 February 2022: £16.2m)
- Net tangible assets per share of 71.2p (28 February 2022: 66.8p) reflecting strong asset base and cashflow generation
- 10.5m shares (representing 2.9% of share capital in issue on 1 March 2022) repurchased at a cost of £5.9m since 1 March 2022
- Increased interim dividend of 0.70p per share declared, up from 0.65p in H1 FY22, payable in January 2023
(1) Adjusted to remove share-based payments charge and amortisation of intangible assets
(2) Excludes lease liabilities, includes used vehicle stocking loans
Summary and Outlook
- The Board now anticipates that full year profits will be ahead of market expectations
- Strong performance delivered in key month of September despite ongoing supply constraints
- New and used vehicle supply constraints continue to be offset by continued higher margins
- Aftersales demand remains robust and increased technician resource is now in place to drive revenues
- First major franchise to implement agency model on new retail sales will be Mercedes-Benz on 1 January 2023
- Cost pressures evident, particularly energy costs. Energy strategy developed and being executed including approved capital investment. Cost is a key management focus
- Government action regarding energy costs and National Insurance rates will benefit the Group in the second half
- Strong acquisition pipeline in place
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