Vertu Motors results, reports and presentations
| Date | Title | Results | Reports | Presentation | Webcast |
|---|---|---|---|---|---|
| 31st August 2023 | Interim Results 2023 | View results | View | View presentation | Watch webcast View transcript |
Unaudited interim results for the six month period ended 31st August 2023
Robert Forrester interview on the results
Watch the video
Highlights
- Delivery of strategy to grow a scaled franchised dealership group exhibited with successful integration of the significant Helston acquisition
- Revenues grew over 20% to record levels aided by acquisitions and growth in the Core Group
- Core Group gross profit increased £11.9m in the Period
- Adjusted[1] profit before tax up 11.7% to £31.5m (H1 FY23: £28.2m)
- Gross margin of 11.0% (H1 FY23: 11.2%) achieved, with an increase in used vehicle gross profit per unit compared to H2 FY23
- Free Cash Flow reflects targeted investment in used vehicle inventory to drive market share in H2: Capex forecast for full year reduced by £10.2m
- Net tangible assets per share of 70.9p (28 February 2023: 65.3p) reflecting strong asset base
- Bristol Street Motors remains the highest-ranking franchised dealership brand in England for prompted brand awareness
- 7.7m shares (representing 2.2% of share capital in issue on 1 March 2023) repurchased at a cost of £5.0m since 1 March 2023: buyback continues with 14% of issued shares repurchased over the last seven years
- Increased interim dividend of 0.85p per share declared, up 21.4% from 0.70p in H1 FY23, payable in January 2024
- Low gearing ratio of 25.5% with strong freehold asset base
(1) Adjusted to remove share-based payments charge, amortisation of intangible assets and other non-underlying items
Summary and Outlook
- The Board anticipates that full year profits will be in line with current market expectations
- Strong performance delivered in the plate change month of September despite economic headwinds
- New vehicle supply continues to improve
- Used vehicle sales volume improving with prices reflecting more normalised depreciation patterns
- High margin aftersales demand remains robust and increased technician resource is being sourced to capture more aftersales revenues and profits
- Number of quality bolt-on acquisition opportunities identified
- The Board is closely monitoring the impact of the Agency model on Group performance
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