Final results for the year ended 28 February 2025
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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
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Annual results for the year ended 28 February 2025
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Highlights
- Adjusted1 profit before tax of £29.3m (FY24: £34.7m), in line with current market expectations. Profits reduced year-on-year due to a weak new car retail market in the UK and pressures arising from the Government Zero Emission Vehicle (�ZEV�) mandate. The Group outperformed the UK new retail market gaining market share including Battery Electric Vehicle (�BEV�) retail sales.
- £10m annualised additional cost from April 2025, arising from Autumn Budget, fully offset by cost reduction actions completed during the Year.
- Aftersales delivered a strong performance, with like-for-like revenue up 5.8% and gross profit up £12.3m in the Core Group compared to FY24.
- Used gross margin grew to 7.1% (FY24: 6.8%) in the Core Group, with margin expansion below expectations due to reduced consumer confidence.
- Significant £45.8m cash inflow from working capital delivered in second half, driving strong year-end cash position.
- Active portfolio management with disposal of £5.6m of non-core assets at aggregate £1.1m premium to book value and addition of new Chinese OEM outlets.
- Net debt2 of £66.6m as at 28 February 2025, lower than market expectations (FY24: Net debt: £54.0m).
- Final Dividend of 1.15p per share recommended, bringing full year dividend to 2.05p per share (FY24: 2.35p).
- Net tangible assets per share of 72.9p (FY24: 70.5p).
- £4.8m returned to shareholders via repurchase of 7.5m shares during the Year.
1 Adjusted to remove non-underlying items (share-based payments charges and amortisation have been included in underlying items and parts revenues on vehicle preparation excluded from external revenues in both years).
2 Excludes lease liabilities, includes used vehicle stocking loans