Interim report
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13 October 2021 Vertu Motors plc ( " Vertu " , " Group ” ) Unaudited interim results for the six months ended 31 August 2021 " Record results delivered above market expectations , dividends resumed " Vertu Motors plc , the automotive retailer with a network of 154 sales and aftersales outlets across the UK and a sector leading online presence , announces its interim results for the six months ended 31 August 2021 ( " the Period " ) . HIGHLIGHTS ● ● Vertu Motors plc ● ● 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 cash² 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 OUTLOOK 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 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 ¹ Adjusted to remove share - based payments charge and amortisation of intangible assets