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results

Annual results for the year
ended 29 February 2024
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Highlights

1

Net debt levels reduced to £54.0m (excluding lease liabilities) by record Free Cash Flow generation.

2

Delivery of operational excellence and digitalisation to ensure efficiency, control and reduced cost.

3

Continued application of stringent capital allocation disciplines:

  • Allocation of capital to growth carefully balanced with returns to shareholders
  • Full year dividend increased 9.8% to 2.35p per share from 2.15p
  • 11.3m shares repurchased at a cost of £7.5m since 1 March 2023: further £3.0m buyback approval announced
4

Tangible net assets per share of 70.5p.

Vertu results, reports and presentations

Date Title Results Reports Presentation 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

Annual results for the year ended 29th February 2024

Interview with Robert commenting on the results

Interview with Robert commenting on the results

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Highlights

  • Profit before tax rose 6.5% to £34.6m from £32.5m
  • Adjusted1 profit before tax of £37.8m (FY23: £39.3m), on record revenues of £4.7 billion. Profit in line with current market expectations
  • Operating expenses as a percentage of revenues fell to 9.7% (FY23: 9.9%) reflecting application of strong cost disciplines despite inflationary pressures
  • Used car margins weakened in H2 due to price corrections in the market: values and margins stabilised by the end of the Year
  • Aftersales delivered a strong performance, with like-for-like revenue up 8.6% and Core Group gross profit up £13.2m compared to FY23
  • Free Cash Flow of £57.0m in the Year (FY23: £54.3m) reflecting excellent working capital management and the underlying cash generative nature of the business
  • Net debt2 of £54.0m as at 29 February 2024, lower than market expectations (FY23: Net debt: £75.3m)
  • Final Dividend of 1.50p per share recommended, bringing full year dividend to 2.35p per share (FY23: 2.15p), an increase of 9.3%
  • Net tangible assets per share of 70.5p
  • £7.5m returned to shareholders via repurchase of 11.3m shares during the Year

[1] Adjusted to remove non-underlying items
[2] Excludes lease liabilities, includes used vehicle stocking loans

Current Trading and Outlook

  • Strong trading performance delivered in key months of March and April gives confidence for the new financial year
  • Group gained market share in the critical March and April new retail market showing like-for-like decline of 2.6% against market decline in SMMT registrations of 10.8%
  • Fleet volumes and margins remain robust
  • Used vehicle prices have been stable with volumes and margins robust in March and April. Like-for-like used car volumes grew 5.8% year-on-year and gross profit increased
  • Aftersales revenues and profits remain highly resilient and saw growth aided by retention products, such as service plans, and additional numbers of technicians recruited
  • Battery electric vehicle sales growth in the UK has stalled. Government mandated targets increase over the coming years and there is a risk the industry falls short of these targets. With the threat of significant fines on Manufacturers on missing targets, the risk of potential market volatility later in the year and medium-term is elevated
  • In FY25 cash proceeds from disposal of properties of £10.6m are anticipated, approximately £2.6m in excess of book value
  • Group well positioned with stable management and a very strong balance sheet
  • A share buyback approval for the potential purchase of shares for up to £3m has been put in place for the new financial year. Gearing limit of up to 1.5x net debt/EBITDA reconfirmed

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