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results

Unaudited Interim Results for the six-month period ended
31 August 2021
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Strategic highlights

1

Stable and experienced management team, with an established track record of execution, delivering a consistent culture centred around Core Values

2

Technological capability giving strategic advantage, scalable in-house developed systems driving efficiency and flexibility in meeting customer needs. Integrated online/omnichannel sales process, with online sales offering augmented by Click2Drive brand and concierge service

3

Growing awareness of the Group's brands delivered, Bristol Street Motors maintains top three position for prompted awareness in the franchise motor retail sector

4

Strong balance sheet and net cash position with substantial firepower for growth. Focus on capital allocation, dividends re-established, share buyback programme continues and disciplined approach to acquisition valuation

Vertu results, reports and presentations

Date Title Results Reports Presentation 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
31st August 2017 Interim Results 2017 View results View View presentation Watch webcast

Interim Results for the six-month period ended 31 August 2021

Interview with Robert commenting on the results

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

Highlights

  • Record trading results delivered with Adjusted[1] profit before tax of £51.8m (H1 FY21: £4.7m, H1 FY20: £16.9m), on revenues of £1.9bn
  • Vehicle sales volumes ahead of market trends in all areas and on a like-for-like basis compared to H1 FY20 (6 months ended 31 August 2019)
  • Gross margin of 11.6% reflects strong pricing disciplines in all areas
  • Acquisitions successfully integrated and performing well
  • Very strong cash flow performance: Free Cash Flow of £63.6m in the Period and Net cash[2] of £57.3m (H1 FY21: £36.5m)
  • Net tangible assets per share of 61.5p (28 February 2021: 50.2p) reflecting strong asset base, Net cash position and cashflow generation
  • 2.0m shares repurchased at a cost of £1.1m since 20 August 2021, buyback programme recommences today following publication of this statement
  • Dividends re-established with interim dividend of 0.65p per share declared, payable in January





[1] Adjusted to remove share-based payments charge and amortisation of intangible assets.
[2] Excludes IFRS 16 liabilities, includes used vehicle stocking loans (no utilisation of used vehicle stocking loans at 31 August 2021).

Summary and Outlook

  • Record trading performance delivered in key month of September with a trading profit of £20.0m
  • New and used vehicle supply constraints continue and cost pressures evident, particularly in employment costs
  • Colleague reward packages and development programmes being enhanced to ensure fully resourced, stable teams are in place to deliver improvements in customer experience, retention and gross profit generation. Annualised investment of £12m expected
  • Continuing cautious view of balance of the year
  • The Board now anticipates that the Group's adjusted profit before tax for FY22 will be at least £65m, previously £50m to £55m
  • Increasingly visible acquisition pipeline

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