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results

Unaudited Interim results for the six-month period ended 31 August 2024
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Highlights

1

Scale & Growth

  • One of 6 UK 'Super Groups' with excess of £4bn revenues
  • Dedicated and aligned scaled Manufacturer partner relationships
  • Increasing representation with Chinese OEM's with significant growth prospects
  • Synergy delivery
  • Driving market share gains
  • Capacity for further acquisitions and consolidation
  • 162,000 customer service plans underpinning high margin service revenues
2

Operational Excellence

  • Stable, experienced management team
  • Strong track record of adaptability to sector change
  • Full sales and aftersales offering to increase capture of lifecycle vehicle spend
  • Retention focus delivered with 2 million customers on the Group database
  • Sector leading customer experience levels
  • In-house systems: improving process efficiency, aid decision making and remove costs
  • Effective marketing optimised ROI: to accelerate under single brand
3

Financial Strength

  • Tangible Net Assets per share of 73.7p
  • Freehold and long leasehold portfolio £324.3m
  • Active portfolio management
  • Sale of underperforming and surplus assets
  • Low gearing of 23.1% - currently below target level of 1.5x net debt/EBITDA
4

Shareholder Returns

  • Progressive dividend growth
  • £56m dividends paid since FY11
  • Continued Share buyback
  • £33.3m spent on re-purchase of 15.9% of issued share capital since FY18
  • £3.6m programme to continue buyback

Vertu results, reports and presentations

Date Title Results Reports Presentation Webcast
31st August 2024 Interim Results 2024 View results View View presentation Watch webcast
29th February 2024 Annual Results 2024 View results View View presentation Watch webcast
31st August 2023 Interim Results 2023 View results View View presentation Watch webcast
View transcript
28th February 2023 Annual Results 2023 View results View View presentation Watch webcast
31st August 2022 Interim Results 2022 View results View View presentation Watch webcast
28th February 2022 Annual Results 2022 View results View View presentation Watch webcast
31st August 2021 Interim Results 2021 View results View View presentation Watch webcast
28th February 2021 Annual Results 2021 View results View View presentation Watch webcast
31st August 2020 Interim Results 2020 View results View View presentation Watch webcast
29th February 2020 Annual Results 2020 View results View View presentation Watch webcast
31st August 2019 Interim Results 2019 View results View View presentation Watch webcast
28th February 2019 Annual Results 2019 View results View View presentation Watch webcast
31st August 2018 Interim Results 2018 View results View View presentation Watch webcast
28th February 2018 Annual Results 2018 View results View View presentation Watch webcast

Interim results for the six month period ended 31 August 2024

Interview with Robert commenting on the results

Interview with Robert commenting on the results

Watch the video

Highlights

  • Total Group revenue for the Period increased by 2.9% compared to H1 FY24.
  • Group aftersales operations delivered a robust performance, delivering Core Group gross profit growth of £7.1m.
  • Used vehicle like-for-like volume growth of 3.9% and gross margin increased to 7.3%.
  • Group new retail vehicle sales volumes down 5.9% in the Period with significant market share gains as UK market saw an 11.2% decline.
  • BEV new retail sales volumes in UK fell in the Period by 7.0%, however, Group grew retail BEV sales volumes by 10.9% as the Group focused on this critical channel.
  • Key steps taken to grow the Group's partnerships with Chinese Manufacturers.
  • H1 profits lower than prior year levels as anticipated as costs increased due to cost inflation and increased headcount to drive activity.
  • The Group's balance sheet remains strong with gearing levels below target, gearing 1 ratio of 23.1%.
  • Tangible net asset per share increased to 73.7p (H1 FY24: 70.9p).
  • 3.3m shares (representing 1.0% of share capital in issue on 1 March 2024) repurchased at a cost of £2.4m since 1 March 2024: buyback continues with a further £3m programme in addition to £0.6m remaining of the existing authority.
  • Increased interim dividend of 0.90p per share declared, payable in January 2025.

1 Net debt (excluding lease liabilities) / Shareholders funds

Current Trading and Outlook

  • Group September trading performance in line with prior year levels. The Board anticipates that full year profits will be in line with current market expectations.
  • Key plate change month of September saw like-for-like new retail sales volumes up 5.2% with retail market down 1.8% continuing strong market outperformance.
  • Group like-for-like retail BEV sales volumes more than doubled year-on-year in September against a broadly static UK market.
  • Profitability in H2 is expected to improve over prior year levels due to a stronger used car market and enhanced used vehicle trade values.
  • Inflationary cost pressures remain in salaries and wages and the Group continues to focus on cost and efficiency.
  • All UK retail outlets will trade under the Vertu brand by the end of April 2025. A single UK brand will enhance marketing ROI and deliver cost savings.
  • Significant progress continues to be made in disposing of surplus properties generating cash and profits.

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