Unaudited interim results for the six-month period ended 31 August 2025
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1
Scale Benefits
- Stable, experienced management team augmented by two new internally promoted Managing Directors, provides capacity to manage further growth
- Scaled Manufacturer partner relationships
- Synergy delivery including marketing and IT
- Significant in-house tech capability
- Driving market share gains: 5% UK retail share
- Capacity for further acquisitions and consolidation
2
Customer Lifecycle
- Full sales and aftersales offering to increase capture of lifecycle vehicle spend
- Customer service and retention focus delivered with 2 million customers on the Group database
- Delivery of excellent customer experience levels backed up by extensive training
- Driving higher ROI and margin accretive revenue streams
3
Cost Optimisation
- In-house systems developed to improve process efficiency, aid decision making and reduce costs
- Pleasing early impact of AI on cost base
- Single brand "Vertu" now implemented: growing awareness across the UK
- Effective marketing investment delivers key brand growth with optimised ROI
4
Maximise Returns
- Active portfolio management with widest number of Manufacturer Partners in sector
- Transitioning to broader Manufacturer partnerships with new entrants from China
- Sale of underperforming and surplus assets
- Focus on driving improved ROCE including consistent share Buyback Programme
Vertu results, reports and presentations
Interim results for the six month period ended 31 August 2025
Interview with Robert commenting on the results
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Highlights
- Record H1 revenues, bolstered by the acquisition of the Burrows group in October 2024.
- Group grew total market share in all new vehicle channels (retail, fleet and commercial vehicles) to 4.5% (H1 FY25: 4.4%).
- Group like-for-like retail sales volumes of Battery Electric Vehicles ("BEV") grew 82.4% compared to UK BEV retail sales growth of 55.2%, representing major market share gains in the growing BEV segment - affordability of BEV vehicles has improved markedly.
- The UK new car market remains subdued against a very low base, facing continued pressure from the UK Government's Zero Emission Vehicle ("ZEV") mandate and general consumer environment. Pre-registration activity appears elevated.
- Growth has been delivered in the Group's high margin aftersales business due to improved pricing and benefits of initiatives to drive retention and returns. Like-for-like gross profit up £4.0m.
- Like-for-like increase of £0.6m in used car gross profit generation; good performance given supply constraints.
- Reduction in like-for-like gross profits of £4.4m and £1.2m respectively in the new retail (including Motability) and fleet and commercial channels on lower volumes. The Motability market showed anticipated weakness.
- The Group continued its strong focus on cost control with like-for-like operating expenses up just 0.3% on last year in the Period despite significant inflationary pressures.
- Adjusted profit before tax for the Period of £20.0m (H1 2025: £22.1m) was delivered. As expected, this was below the prior year, reflecting the relative strength of comparative profits in H1 FY25.
- The Group continues to develop its portfolio of sales outlets with the announcement of the opening of three new BYD sales outlets by 1 November, bringing the total number of BYD outlets operated by the Group to five.
- Sale of three surplus properties for £3.3m cash proceeds, 10.7% above book value.
- Tangible net assets per share of 76.1p (28 February 2025: 72.9p)
- 9.4m shares repurchased at a cost of £5.6m in the Period: buyback continues with £7.0m of the current £12.0m authority expended to 30 September 2025. Since share buyback programmes began in July 2017, over £42m has been returned to shareholders through the repurchase of shares, reducing the Group's shares in issue by over 19%.
- Interim dividend maintained at 0.9p per share, payable in January 2026, reflecting the strength of the Group's balance sheet and Board confidence in the Group's prospects.