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February 2023
Company Results

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Vertu results, reports and presentations

28th February 2023 Annual Results 2023 View results View Download Watch webcast

Full year results for the 12 months ended 28 February 2023

Robert Forrester interview on the results

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

Financial Highlights

  • Adjusted[1] profit before tax of £39.3m (FY22: £80.7m), on record revenues of £4.0bn. Profit slightly ahead of market expectations
  • Acquisitions successfully integrated onto Group systems and processes and on track to deliver expected synergies and earnings enhancement
  • Group portfolio grown by 31 sales outlets during the Year, including 27 from Helston and 2 from BMW Motorrad acquisitions, contributing to scale benefit opportunities
  • Free Cash Flow of £54.3m in the Year (FY22: £44.4m) reflecting excellent working capital management
  • Net debt[2] of £75.3m as at 28 February 2023, significantly ahead of market expectations (FY22: Net cash: £16.2m)
  • Expanded debt facilities agreed in December 2022, including a new £74.8m 20-year mortgage, an upsized revolving credit facility of £93m with a third bank added to syndicate, and an increased used vehicle stocking facility to £70m (from £35m)
  • Net tangible assets per share of 65.3p reflecting strong asset base
  • Final Dividend of 1.45p per share recommended, bringing full year dividend to 2.15p per share (FY22: 1.70p) an increase of 26.5%
  • £5.9m returned to shareholders via repurchase of 10.5m shares during the Year

Summary and Outlook

  • Trading performance in excess of last year delivered in key months of March and April aided by the contribution from acquisitions
  • Improvement in new vehicle supply evident with continued high Group order bank of high margin new vehicle orders in place
  • Used vehicle demand remains strong and continued used supply constraints underpin residual values. Vertu Insights rollout underway to help optimise used car gross margin
  • Aftersales revenues and profits remain highly resilient aided by retention products such as service plans and ageing of the vehicle parc
  • Cost pressures, reflecting continued high inflation remain evident with strategies in place to mitigate where possible
  • Active portfolio management strategy expected to deliver a further c.£9.5m of assets disposals in next 12 months, £3m above book value
  • Net debt expected to reduce through ongoing strong Free Cash Flow generation

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

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

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