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February 2014 Company Results

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Vertu results, reports and presentations

Date Title Results Reports Presentation Webcast
28th February 2014 Annual Results 2014 Download Download

Full year results for the 12 months ended 28th February 2014

Interview with Robert commenting on the results

Continued growth in all areas of the business

  • Revenue up 33.8% to £1.7bn with like‐for‐like revenues up 13.1%
  • Like‐for‐like new retail volumes rose by 19.7% compared to UK retail registrations rising 15.0%: with the Group gaining market share
  • Like‐for‐like used vehicle volumes rose 7.1% with stronger margins: excellent H2 performance
  • Higher margin service revenues rose 6.8% on a like‐for‐like basis � the fourth successive year of growth reflecting higher customer retention rates
  • Operating expenses as a percentage of revenues in continuing operations reduced to 10.4% (2013: 11.1%)
  • Adjusted(1) operating profit up 96.7% as core(2) business and acquisitions delivered an enhanced performance
  • Profit before tax rose 259.1% to £15.8m from £4.4m
  • Operating cash inflow up to £47.4m from £13.0m : excellent cash conversion
  • Dividend up 14.3% for the full year, increased to 0.8p (2013: 0.7p)
  • (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.

Acquisition and turnaround strategy driving profit growth

  • Number of outlets increased to 108 (2013: 96) with 14 new outlets acquired or opened in the year
  • Successful integration of the Farnell Land Rover business following acquisition in June 2013: Farnell won Land Rover Dealer of the Year 2013
  • Group announced on 6 May further acquisition of additional Land Rover and first Jaguar dealership - acquisition will be earnings enhancing immediately
  • Acquisitions undertaken in previous periods continue to exhibit performance and margin improvements
  • Disposal of non‐core heavy truck operation generated £1.9m of cash

Current Trading and Outlook

  • March trading performance significantly ahead of prior year levels
  • New car retail market in UK showing continued growth with Group like‐for‐like sales volumes in March up 20.5%: UK private registrations up 20.8%
  • April new retail like‐for‐like sales volumes up 3.7%
  • March and April used retail like‐for‐like volumes up 14.5%
  • Acquisition of Hillendale announced 6 May 2014
    • Earnings enhancing in first year
    • £8.2m consideration of which £2m in shares
    • Burnley Land Rover and Bolton Jaguar
  • Strong pipeline of acquisition opportunities

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