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results

Annual results for the year ended
28 February 2022
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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

5

Application of stringent capital allocation disciplines. Acquisitions are only undertaken if they meet required return levels. Dividends were re-established and over 9.7m shares bought back in the Year, with the buyback programme continuing.

Vertu results, reports and presentations

Date Title Results Reports Presentation Webcast
28 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
31st August 2017 Interim Results 2017 View results View View presentation Watch webcast

Annual Results for the year ended 28 February 2022

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 £80.7m (FY21: £24.6m, FY20: £23.0m), on revenues of £3.6bn
  • Vehicle sales volumes ahead of market trends in all areas on a like-for-like basis compared to FY20 (year ended 29 February 2020)
  • Increased gross margin of 12.0% (FY21: 11.8%, FY20: 10.9%) reflects supply constraints and strong pricing disciplines
  • Acquisitions successfully integrated and performing well
  • Free Cash Flow of £44.2m in the Year and Net cash[2] of £16.2m as at 28 February 2022 (FY21 Net debt: £4.5m)
  • Underlying corporation Tax charge of £16.1m (FY21: £5.2m)
  • Net tangible assets per share of 66.8p (FY21: 50.2p) reflecting strong asset base, net cash position and cashflow generation
  • 11.6m shares repurchased at a value of £7.1m since 20 August 2021, buyback programme continues
  • Final Dividend of 1.05p per share recommended, payable in July

[1] Adjusted to remove share-based payments charge, amortisation of intangible assets and impairment charges
[2] Excludes lease liabilities, includes used vehicle stocking loans

Summary and Outlook

  • Strong trading performance delivered in key months of March and April with trading profit of £19.1m (FY22: £19.2m)
  • Management focus on operational excellence around costs, conversion and customer experience
  • New and used vehicle supply constraints continue and cost pressures are evident
  • Consumer confidence in the face of rising domestic costs is a critical determinant to continuing success in terms of demand
  • Visible growth pipeline including expansion with the Toyota brand in the West of Scotland and further multi-franchising opportunities

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