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February 2020 Company Results

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Vertu results, reports and presentations

29th February 2020 Annual Results 2020 Download View Download Watch webcast

Full year results for the 12 months ended 29th February 2020

Robert Forrester interview on the results

Analyst interview with Mike Allen, Head of Research, Zeus Capital

Financial Highlights

    • £82.3m (2.8%) growth in revenues to £3.1bn, with like-for-like revenue growth of 1.2%
    • Excellent aftersales performance with like-for-like revenue growth of 4.6%, delivering a 5.9% growth in gross profit
    • Stable used vehicle volume and margins delivered, despite pricing volitility in first half and absorption of additional preparation charges from aftersales
    • Like-for-like fleet and commercial revenue growth of 5.3% delivering £5.6m of additional total gross profit
    • Growth in Adjusted[1] operating profit to £29.1m (2019: £27.4m)
    • Strong cost control exhibited with like-for-like operating expense growth of 1.4% (2019: 4%) and total underlying operating expenses representing 10.0% of revenues (2019: 9.9%)
    • Non-cash impairment charge of £14.4m included in non-underlying charges
    • Profit before tax of £7.3m (2019: £25.3m)
    • Underlying earnings per share increased to 5.12p (2019: 5.10p)
    • No final dividend in recommended
    • Net tangible assets per share of 46.0p (2019: 44.9p)
    • Adjusted[2] net debt of £2.8m at 29 February 2020 (2019: net cash £22.9m)

Operational and Outlook Highlights

  • Adjusted[1] profit before tax of £23.5m (2019: £23.7m)in line with ezpectations, despite absorbing costs and losses of £0.7m in relation to recent acquisitions
  • 12 Sales outlets in the year added including 3 new franchise partners to the Group's portfolio
  • Strong management, supported by scalable, sector-leading in-house developed systems, provides assurance of tight control of operations and swift execution of strategies
  • Deployment of new technologies accelerating progress in both omni-channel retailing and increasing efficiency in transaction processing across the business
  • Meticulous planning undertaken for the re-opening of dealerships in a safe and socially distanced way
  • Strong balance sheet with low debt levels results in significant liquidity being in place, aided by supportive banks and Manufacturer partners
  • Group is very well positioned to take a larger role in the sector through consolidation and growth opportunities and has the ambition to do so

[1] Adjusted to exclude non-underlying items.

[2] Excludes amounts drawn on used vehicle stocking loans. Given the heightened uncertainty of any forecast at this current time it is inappropriate to provide any guidance with respect to market expectations.

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