Vertu results, reports and presentations
| Date | Title | Results | Accounts | Presentation | Webcast |
|---|---|---|---|---|---|
| 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
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Analyst interview with Mike Allen, Head of Research, Zeus Capital
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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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