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August 2023 Company Results

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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


  • 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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