A message from Robert Forrester, CEO of Vertu Motors plc.

results

Full year results February 2020 Available Now

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Vertu results, reports and presentations

Date Title Results Reports Presentation 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 View presentation Watch webcast

Strategic highlights

1

Strong management supported by scalable, sector-leading in-house developed systems, provides assurance of tight control of operations and compliance

2

Deployment of technology accelerating in both omni-channel retailing and increasing efficiency in transaction processing across the business

3

Strong balance sheet with low debt levels results in significant liquidity being in place, aided by supportive banks and Manufacturer partners

4

Group is very well positioned to take a larger role in the sector through consolidation and growth opportunities and has the ambition to do so

Full year results for the 12 months ended 29 February 2020

Interview with Robert commenting on the results

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

Financial highlights

  • £82.3m (2.8%) growth in revenues to £3.1bn, with like-for-like revenue growth of 1.2%
  • Excellent aftersales performance with like-for-like revenue growth of 4.6%, delivering a 5.9% growth in like-for-like gross profit
  • Stable used vehicle volume and margins delivered despite pricing volatility in H1 and absorption of additional preparation charges from aftersales
  • Like-for-like fleet and commercial revenue growth of 5.3% helping deliver £5.6m of additional total gross profit
  • Adjusted[1] operating profit increased to £29.1m from £27.4m
  • Strong cost control exhibited with like-for-like operating expenses of £282.9m (2019: £279.0m), representing a consistent 9.8% of revenues
  • (1) Adjusted to exclude non-underlying items

COVID-19 and Outlook

  • March activity was curtailed due to the lockdown but remained profitable at £5.9m Adjusted PBT
  • April and May combined saw significant losses before tax of approximately £20m (after Government support)
  • Meticulous planning for reopening showrooms executed:li>
    • Customer and colleague communication
    • Change in processes e.g. unaccompanied test drives
    • Contactless signatures
    • PPE
    • Social distancing - showroom layout and working patterns
  • Servicing operations, given current booking levels, likely to quickly return to more normal levels
  • Showrooms in England now open with strong marketing events and manufacturer programmes anticipated to support vehicle sales: Scotland (12 outlets) expected to follow later
  • Economic factors and future demand uncertain for the months ahead
  • Economic factors and future demand uncertain for the months ahead
  • Guidance for full year remains withdrawn
  • No final dividend is recommended

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