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February 2021
Company Results

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Vertu results, reports and presentations

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

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

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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