Vertu results, reports and presentations
| Date | Title | Results | Accounts | Presentation | Webcast |
|---|---|---|---|---|---|
| 28th February 2021 | Annual Results 2021 | Download | View | Download | Watch webcast |
Full year results for the 12 months ended 28th February 2021
Robert Forrester interview on the results
Watch the video
Analyst interview with Mike Allen, Head of Research, Zeus Capital
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Financial Highlights
- Adjusted[1] profit before tax of £24.6m ahead of Analysts' forecasts (2020: £23.0m)
- Substantial growth in online retailing using the Group's ClicktoDrive sales technology platform
- 38,446 new and used vehicles delivered from 1 January to 31 March 2021, despite lockdown restrictions keeping showrooms closed
- Excellent customer experiences delivered in the new environment: Used Car Net Promoter Score in H2 of 84%
- Group revenues of £2.5bn (2020: £3.1bn) (like-for-like decline of 21.6%) impacted by Government imposed lockdowns
- Gross margin increased to 11.8% (2020: 10.9%)
- Cost reductions[2] exhibited delivering a £16.0m (7.2%) reduction in like-for-like operating expenses in the nine months from 1 June to 28 February
- Growth in Adjusted[1] operating profit to £33.8m (2020:32.2m)
- Underlying earnings per share increased to 5.12p (2019: 5.10p)
- Profit before tax of £22.4m (2020: £7.3m)
- Underlying earnings per share increased to 5.27p (2020: 4.99p)
- No final dividend recommended in light of the Government support received during the Year
- Net tangible assets per share of 50.2p (2020: 46.0p) reflecting very strong asset base
- Record Free Cash Flow[3] of £48.4m delivered
- Adjusted[4] net cash of £1.4m at 28 February 2021 (2020: net debt £2.8m)
Summary and Outlook
- Strong management, supported by scalable, sector-leading in-house developed systems, provides assurance of tight control of operations and swift execution of strategies
- Increased efficiency of transaction processing including use of robotic process automation
- Increased awareness of the Group's core brands delivered through strong, effective marketing campaigns including significant TV advertising campaigns
- 18 sales outlets added to the Group since 1 March 2020, including the addition of 3 new franchise partners to the Group's portfolio - BMW, MINI and BMW Motorrad
- Strong start to new financial year with trading profits at a record level in the two months to April 2021. Adjusted profit before tax in the two months of £19.2m compared to £14.8m in the same months in 2019
- The Board expects the Group will deliver an adjusted profit before tax for the year ending 29 February 2022 in the range of £24.0m to £28.0m
- The Board is confident that , dependent on the financial performance of the Group, dividends can recommence in January 2022
[1] Excludes non-underlying items.
[2] Excludes grant receipts in respect of the furlough scheme.
[3] Net cash flow from operating activities less net capital expenditure incurred and lease cash flows.
[4] Excludes amounts drawn on used vehicle stocking loans and IFRS 16 lease liabilities.
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