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February 2015 Company Results

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Vertu results, reports and presentations

Date Title Results Reports Presentation Webcast
28th February 2015 Annual Results 2015 Download Download

Full year results for the 12 months ended 28th February 2015

Interview with Robert commenting on the results

Continued growth in all areas of the business delivering record revenues and profits

  • Adjusted(1) profit before tax up 25.7% to £22.0m
  • Profit before tax rose 32.9% to £21.0m from £15.8m
  • Revenue up 23.2% to £2.1bn with like-for-like revenues up 11.4%: first time revenues have exceeded £2bn
  • Like-for-like used vehicle volumes rose 9.2% with stronger gross profit per unit: Third consecutive year of like-for-like volume growth
  • Higher margin service revenues rose 3.5% on a like-for-like basis: fifth successive year of growth
  • Higher customer retention rates in service with over 71,000 (2014: 55,397) customers on Group service plans
  • Like-for-like new retail sales volumes rose by 6.4% as UK new car market continued to expand
  • Adjusted(1) operating profit up 26.8% as core(2) business and acquisitions delivered an enhanced performance
  • Adjusted(1) earnings per share growth of 9.8%
  • Dividend up 31.3% for the full year, increased to 1.05p (2014: 0.8p): showing Board's confidence in the sustainability of the Group's profit growth and cash generation
  • (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 116 (2014: 106) with 14 new outlets acquired or opened since 1 March 2014
  • Recently announced earnings enhancing acquisitions of additional Land Rover and Jaguar dealerships - reflect Group's ambition for a balanced portfolio of volume and premium franchises
  • Acquisitions undertaken in previous periods provide the Group with further opportunity to deliver improved margins

Strong balance sheet and funds available for expansion

  • Net cash of £15.7m (2014: £31.4m)
  • Significant unutilised bank facilities refinanced in March 2015 provide substantial resources of £40m for further expansion opportunities
  • Balance sheet underpinned by freehold and long leasehold property portfolio of £126.6m (2014: £105.6m)
  • Net assets of £179.6m (2014: £163.4m):net assets per share of 52.7p (2014: 48.5p)

Current Trading and Outlook

  • March and April trading performance ahead of current year financial plan and significantly ahead of prior year levels
  • March was the highest UK registrations month for new cars this century
  • New car retail market in UK showing continued growth: Group like-for-like new retail sales volumes in March and April up 4.3% against UK private registrations up 2.7%, reflecting significant outperformance by the Group
  • March and April used retail like-for-like volumes up 6.2% with lower margins being more than offset by volume growth
  • Overall aftersales performance strong with higher revenues and margins in each of service, accident repair centres and parts
  • Group service revenues have continued to grow 7.2% on a like-for-like basis in March and April
  • Seeing consistent profit growth from improving recently acquired dealerships

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