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February 2022
Company Results

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Vertu results, reports and presentations

28th February 2022 Annual Results 2022 View results View Download Watch webcast

Full year results for the 12 months ended 28 February 2022

Robert Forrester interview on the results

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

Financial Highlights

  • Record trading results delivered with Adjusted[1] profit before tax of £80.7m (FY21: £24.6m, FY20: £23.0m), on revenues of £3.6bn
  • Vehicle sales volumes ahead of market trends in all areas on a like-for-like basis compared to FY20 (year ended 29 February 2020)
  • Increased gross margin of 12.0% (FY21: 11.8%, FY20: 10.9%) reflects supply constraints and strong pricing disciplines
  • Acquisitions successfully integrated and performing well
  • Free Cash Flow of £44.2m in the Year and Net cash[2] of £16.2m as at 28 February 2022 (FY21 Net debt: £4.5m)
  • Underlying corporation Tax charge of £16.1m (FY21: £5.2m)
  • Net tangible assets per share of 66.8p (FY21: 50.2p) reflecting strong asset base, net cash position and cashflow generation
  • 11.6m shares repurchased at a value of £7.1m since 20 August 2021, buyback programme continues
  • Final Dividend of 1.05p per share recommended, payable in July

Summary and Outlook

  • Strong trading performance delivered in key months of March and April with trading profit of £19.1m (FY22: £19.2m)
  • Management focus on operational excellence around costs, conversion and customer experience
  • New and used vehicle supply constraints continue and cost pressures are evident
  • Consumer confidence in the face of rising domestic costs is a critical determinant to continuing success in terms of demand
  • Visible growth pipeline including expansion with the Toyota brand in the West of Scotland and further multi-franchising opportunities

[1] Adjusted to remove share-based payments charge, amortisation of intangible assets and impairment charges

[2] Excludes lease liabilities, includes used vehicle stocking loans

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