Interim report
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14 October 2026 Vertu Motors plc (“Vertu”, “Group”)Unaudited interim results for the six months ended 31 August 2026Full year results anticipated to be above current expectations Vertu Motors plc, the automotive retailer with a network of 196 sales and aftersales outlets across theUK and a sector-leading brand, announces its interim results for the six months ended 31 August 2026(“the Period”). FINANCIAL SUMMARY H1 FY27 H1 FY26 FY26Revenue £2,596.5m £2,510.0m £4,833.8m Adjusted1 profit before tax £23.8m £20.0m £24.5m Basic Adjusted1 EPS 5.71p 4.57p 5.71p Dividends per share 1.00p 0.90p 2.05pFree Cash Flow £17.5m £0.4m £30.7m Net Debt2 £54.2m £78.3m £61.3m Commenting on the results, Robert Forrester, Chief Executive, said: “The Group delivered a strong first-half performance, with record revenues and adjusted profit beforetax increasing by 19.0% to £23.8m. Gross profit growth was delivered across every channel, whilemaintaining firm control of costs despite ongoing inflationary pressures. The Group has now deliveredthree upgrades to current year profits since the start of the financial year. “The new car market is showing robust growth with retail sales rebalancing against fleet which aidsretailer profits. A focus on execution is delivering tangible benefits. Value Cars by Vertu growing olderused car sales is broadening the Group’s used vehicle proposition. Investment in digital tools andoperational discipline are improving productivity and customer conversion. The Group continues toreshape its portfolio to capture attractive growth opportunities, including automotive brands fromChina. We now have 20 Chinese automotive outlets, with more on the way. “The Group has a strong balance sheet and generated substantial amounts of cash; we have a resilientand diversified business model and clear strategic priorities. The Board will continue to investselectively for growth, return capital to shareholders and focus on delivering sustainable long-termvalue.” H1 Highlights Adjusted1 profit before tax for the Period increased 19.0% to £23.8m (H1 2026: £20.0m) Profit before tax increased 24.1% to £24.2m (H1 2026: £19.5m) with non-underlying items a netincome of £0.4m. Record H1 revenues with like-for-like revenue growth of 4.3% Battery Electric Vehicle (“BEV”) new retail sales volumes grew 125.6% against market growth of75.9% in the Period Group grew like-for-like gross profit by £10.9m with growth in all channels Higher margin aftersales business continues to grow and drive profit growth aided by retentionfrom customer service plans The Group demonstrated its strong focus on cost control, with like-for-like operating expensesslightly down as a percentage of revenue in the Period despite significant cost pressures The Group continues to develop its portfolio of sales outlets. The Group will open a further 11Chinese outlets in the next nine months to augment the existing 20 Chinese brand outlets Strong cash conversion of 94%, with the Group generating free cash flow of £17.5m in the Period(H1 FY2026: £0.4m) Tangible net assets per share of 80.8p (28 February 2026: 75.9p) a new record level New three-year banking facilities, with option to extend to five-years, announced including a £70mrevolving credit facility allowing greater flexibility of use with a £50m accordion to retain capacity.Refinancing lowers future finance costs Net debt2 reduced to £54.2m (31 August 2025: £78.3m) substantially below expectations reflectingstrong cash conversion delivered and tight control of working capital The Group continues to repurchase its own shares as part of its Share Buyback programme. Todate, 21.9% of the share capital of the Group has been repurchased since the commencement of
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the programme in 2018. £10.2m remains of the £12m buyback announced on 5 March 2026 andthe Company will purchase shares up to 85p. 11% interim dividend increase to 1.0p per share (H1 FY26: 0.9p per share), payable in January2027 CURRENT TRADING AND OUTLOOK Full year results for the year ending 28 February 2027 are anticipated to be ahead of current expectations3 Strong start to the second half across all areas of the business: profit above prior year levels(adjusted for prior year impact of JLR cyberattack) A number of pro-active measures being deployed: - Expansion into new markets, such as ‘Value Cars by Vertu’, growing sales volumes in theolder car segment and launch of Shariah law compliant used vehicle finance - Roll-out of sales executive package changes to the Group’s premium franchise outlets. Changes already implemented in volume franchise dealerships have improved salesperformance and colleague retention - Enhancement of technician remuneration to improve retention and recruitment andincrease capacity in the high margin aftersales business Trading during the important plate change month of September was stronger than anticipated onthe back of a robust new car market in the quarter Cost control will be a key priority, with the Group planning to provide further cost efficienciesthrough the adoption of technologies, energy saving systems and increasing use of data and salesattribution to increase the return on investment from marketing spend The ZEV mandate continues to negatively impact the sector through its impact on new vehiclepricing, channel mix and vehicle supply. This pressure is likely to continue into 2030 even if theZEV mandate is revised in the current consultation process Caution on consumer demand, uncertain due to rising inflation and interest rates Opportunities for the further expansion of Chinese brands and wider acquisition opportunities arebeing assessed against strict investment hurdle metrics In October 2026, the Group received key industry awards from Autotrader: “Retailer of the Year”for the second year running and “Bikes Retailer of the Year” 1 Adjusted to remove non-underlying items. 2 Excludes lease liabilities, includes used vehicle stocking loans.3 According to compiled data at 13 October 2026, the current consensus of three sell-side analysts’ expectations for FY27. Adjusted profit before tax is £26.5m with a range of £25.5m to £27.1m. Webcast details Vertu management will make a webcast available for analysts and investors this morning on theGroup’s website https://investors.vertumotors.com/results/ For further information please contact: Vertu Motors plc Tel: +44 (0) 191 491 2121 Robert Forrester, CEO Karen Anderson, CFOPhil Clark, Investor Relations Stifel (Nominated Adviser and Joint Broker) Tel: +44 (0) 207 710 7688 Matthew Blawat Callum Stewart Shore Capital (Joint Broker) Tel: +44 (0) 20 7408 4090 Mark Percy / Sophie Collins (Corporate Advisory) Isobel Jones (Corporate Broking) Camarco Tel: +44 (0) 203 757 4980 Billy Clegg Tom Huddart Blackdown Partners (Joint Financial Advisor) Tel: +44 (0) 754 995 4255 Peter Tracey Tom Fyson Evercore (Joint Financial Advisor) Tel: +44 (0) 207 653 6000 Ed Banks Dimitrious Georgiou CHAIRMAN’S STATEMENT
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The Group delivered a strong performance in the six months ended 31 August 2026, reflecting itsexperienced and strengthened management team, the resilience of its diversified business model and continued operational discipline. Record revenue of £2.6bn was generated and adjusted4 profit beforetax increased by 19.0% to £23.8m, with year-on-year gross profit growth across all operatingdepartments. Cash generation was excellent, with a reduction of net debt achieved ahead ofexpectations. New vehicle market conditions improved, but remain heavily influenced by the Government’s ZEVmandate, which continued to disrupt the market. Consumer and business confidence remainedsubdued generally. The Board is mindful of wider geopolitical risks, including ongoing instability in theMiddle East, which could further increase energy and fuel price volatility and further pressure consumerconfidence and household disposable income. We therefore focus on what we can control, and thisapproach has led to a positive trading period. The successful launch of ‘Value Cars by Vertu’ broadened the Group’s proposition into older, moreaffordable used vehicles and supported volume growth, attractive margins and improved stock turn. Work on a new sales executive remuneration package, backed up by new individualised and gamifiedreporting, has added value and critically led to more stability in the sales teams. This bodes well forfuture trading. Aftersales, which remains a vital contributor to Group profitability, delivered further grossprofit growth. Work is now ongoing to improve technician pay packages to ensure high retention levelsand attractive recruitment to allow further growth in aftersales, where there is clear customer demand. Cost control remained a key priority during the Period. Operating expenses were tightly manageddespite continued inflationary headwinds, including increases in the National Minimum Wage. Thisdiscipline, together with improved gross profit generation and lower finance charges, contributed to the increase in adjusted4 profit before tax and a number of profit upgrades. Active portfolio management also resulted in a continued trend in the disposal of surplus propertyassets at a premium to book value. This reflects the conservative nature of the Group’s property bookvalues which underpin tangible asset values. A fundamental transformation in the structure of new car market shares in the UK is underway as moreChinese brands arrive, as tariffs are currently low compared to other jurisdictions. The Group isprogressively increasing its relationships with Chinese brands reflecting these trends and this is set tocontinue. Capital allocation remains a core Board priority. Strong cash generation enabled continued investmentin the business alongside increased shareholder returns, including dividends and share buybacks. TheGroup continues to repurchase its own shares as part of its Share Buyback programme. 2.4m shareshave been purchased in the Period for £1.7m, representing 0.8% of the opening share capital. To date,21.9% of the share capital of the Group has been repurchased since the commencement of theprogramme in 2018. £10.3m remained of the £12m buyback announced on 5 March 2026. The Boardhas agreed to continue repurchasing shares up to 85p, just above current tangible net asset per share. The Group is very well positioned from a management, financial capacity and Manufacturerrelationship standpoint to undertake further substantial growth in the scale of the business. Opportunities are continually being received and are being assessed in line with the Boards investmenthurdle criteria. Finally, I would like to thank our more than 7,200 colleagues for their professionalism, resilience anddedication throughout the Period. Their hard work and commitment remain fundamental to the Group’slong‐term success. Andy Goss, Chairman 4 Adjusted to remove non-underlying items. CHIEF EXECUTIVE’S REVIEW Current Trading and Outlook The Group delivered a strong trading performance in September, with profitability ahead of both theprior year and the Board’s expectations. The year-on-year comparison benefited from the disruptioncaused by the JLR cyber incident in the prior period. After adjusting for this impact, gross profitincreased across all the Group’s principal revenue streams. September 2026 variance toSeptember 2025 Like-for-Like7 SMMT UKregistrations Total Revenues 0.1% Service Revenues5 3.4% Volumes: Used Retail Vehicles 1.9% New Retail Vehicles6 - 13.9%Motability Vehicles 26.7% 28.7% New Fleet Cars6 2.8% 5.1%New Commercial Vehicles (8.4%) 4.8% 5 includes internal and external revenues 6 includes agency volumes 7 includes current and prior year Jaguar Land Rover Volumes The UK new retail vehicle market showed strong 13.9% growth in the key plate change month, drivenby an increase in the retail mix, pre-registration activity and the impact of Chinese brands. These
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Chinese brands (excluding Volvo) accounted for 24.5% of September retail registrations and all theoverall market growth. The Group’s like-for-like new retail volumes were level compared to the prioryear. Motability like-for-like volumes increased by 26.7%, which was slightly below the market increaseof 28.7% seen in the month. Crucially, the Group’s strong new retail volume performance over thequarter meant that Manufacturer bonuses were earned at good levels, driving Core gross profits in thenew retail and Motability channel above prior year levels in September. Fleet and commercial gross profit generation in the Core Group was strong and ahead of the prioryear. The fleet car segment benefited from continued demand and high levels of Manufacturer bonusincome. Commercial vehicle volumes were lower year-on-year, principally reflecting changes inchannel mix. The prior year included substantial volumes to the rental sector which were low margin. In the current year the Group did not undertake this volume. Fleet and commercial marginsconsequently strengthened. Used vehicle trading continued to improve, with like-for-like volumes and retained margins ahead of theprior year. Consumer demand remained resilient, stock turn was healthy and market valuations remainstable. The Group’s Value Cars by Vertu initiative continued to perform well, broadening its customerproposition and supporting participation across a wider range of used vehicle price points. Aftersales Core gross profit increased year-on-year, supported by strong wholesale partsperformance. New technician remuneration packages are being rolled out from 1 November to aid therecruitment and retention of technicians, which should help drive further improvements in aftersalesprofitability. The Group maintained disciplined cost control. Interest costs were below prior year levels, reflectingthe strong half year end cash performance and lower new vehicle Manufacturer funding utilisation. Inearly October, the Group’s revolving credit facilities were renewed at a lower cost, providing ongoingcommitted funding on improved terms. Cost control will be a key priority, with the Group planning to provide further cost efficiencies throughthe adoption of technologies, energy saving systems and increasing use of data and sales attribution toincrease the return on investment from marketing spend. The Board remains cognisant of the potential for weakness in consumer confidence due to inflation andthe potential for increases in interest rates. Despite this, the strong year to date underlying profitbefore tax delivered gives the Board confidence that full year underlying profit before tax shouldexceed current expectations. The Group is very clear on its strategic priorities including further growth in sales outlets. There is anincreasing number of potential expansion opportunities which will be assessed against strict investmenthurdle rates. Review of H1 2027 Market Dynamics and Structural Shifts The UK new car market strengthened during the Period, with increased private and fleet volumes. SMMT data showed continued market growth throughout the first half, with year-on-year new retail carregistrations increasing 13.1% in the Period. This is clearly to be welcomed, as the market returnscloser to pre-covid levels. Manufacturers augmented retail offers to seek to create private demand andrebalance the market between retail and fleet. In addition, Chinese brands brought more buyers intothe new car market who had previously purchased used cars, with prices, discounts and competitivefinance making new vehicles prices at or below comparable used vehicles. The UK new vehicleregistration growth was also influenced by elevated levels of pre-registration including from certain newentrant brands, to accelerate market share growth. BEV registrations grew strongly, reaching almost 356,000 units in the first eight months of 2026, a25.6% year-to-date market share to the end of August. This remained well below the 33% headlinerequirement under the Government’s Zero Emission Vehicle (“ZEV”) mandate for 2026 and indeed lastyear’s target level. This is despite extensive Manufacturer discounting, enhanced range andtechnology, increasing model availability and Government incentives. Hybrid powertrains are the go-totechnology for most customers, with plug-in hybrid sales growing faster than BEV sales. The ZEV mandate continues to negatively impact the sector through its impact on Manufacturerpricing, channel mix and vehicle supply. The statutory headline targets for 2026 currently remain 33%for cars and 24% for vans, supported by compliance flexibilities within the Vehicle Emissions TradingSchemes. On 14 August 2026, the Government opened a formal review of the ZEV mandate, seekingviews on the annual target trajectory, the effectiveness of existing flexibilities and possible alternativeapproaches. The consultation remains open until 23 October 2026 and consequently no changes tothe current legal targets have yet been announced. Whatever the results of the consultation, theguardrails set by the Government are likely to mean that targets out to 2030 may be relaxed but willremain very stretching and have serious and increasing negative impacts on the whole UK automotivesector. There are particular concerns on the impact on the van market from the likely revised mandatewith very little evidence that van owners are set to significantly adopt BEV vehicles voluntarily. TheGroup is actively engaged in the consultation. The UK light commercial vehicle (“LCV”) market showed an increase in registrations of 5.7% in thePeriod, although performance varied materially by segment. Demand for larger vans remainedresilient, while pickup registrations continued to be adversely affected by the April 2025 reclassificationof double cab pickups for Benefit in Kind and capital allowance purposes. In August 2026, pickupregistrations declined by 61.2% year-on-year and represented only 2.8% of the market. This is directlyrelated to the UK Government policy.
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Electric LCV adoption continues to seriously lag the mandated trajectory. Battery electric vanregistrations for the calendar year-to-date show market share was only 11.0%, less than half of the24% ZEV mandate target for 2026. Higher upfront costs, limitations in depot and public charginginfrastructure, payload and operational considerations and residual value uncertainty continue toconstrain adoption. These factors, together with the impact of the tax changes on pickups, areexpected to continue to influence the shape and profitability of the LCV market. The rapid expansion of Chinese automotive Manufacturers is the standout feature of the UK car marketduring the Period. New brands continued to broaden model choice across BEV, plug-in hybrid andhybrid powertrains, supported by competitive pricing, strong technology propositions and increasingnumbers of retailer outlets. Their growth is intensifying competition and contributing to pressure onpricing and established brand loyalty. While these newer franchises remain at an earlier stage indeveloping their UK aftersales parc, the Group is expanding representation where it anticipatesattractive long-term returns. This is a major strategic focus. The Motability scheme remains an important source of mobility and independence for customers and,as one of Motability’s largest UK partners, the Group continues to benefit from a resilient vehicle parcand recurring aftersales demand. Volume improved substantially, as predicted in previous reports, inthe Period, with UK registrations in the scheme up 10.7%, reflecting increased numbers of customersdue to renew their vehicle contracts. During the Period, the used vehicle market remained relatively stable, although conditions becameincreasingly polarised across fuel types, vehicle segments and age profiles. Rising fuel pricesadversely affected demand for diesel vehicles, resulting in downward pressure on diesel trade values,particularly within larger premium vehicles. Diesel was consequently the weakest performing fuel typethroughout the period, with used diesel vehicles nationally taking on average 8 days8 longer to sell thanBEV vehicles. The UK aftersales market remains supported by an aging vehicle parc and increasing vehiclecomplexity. While BEV’s typically generate lower average invoice values, their impact on the overallaftermarket remains gradual given their relatively low proportion of the total vehicle parc. Furthermore,BEV customers generally exhibit higher retention within franchise dealer networks, reflecting theirtechnical complexity and connectivity. 8 Source: Autotrader. Execution of Group Strategy The Group has made significant progress in the Period towards its strategic goals. Key highlightsinclude the following: Portfolio Update - re-balancing with Chinese brands The Group has continued to actively develop and optimise its portfolio, with a particular focus onexpanding its representation of Chinese automotive Manufacturers whilst optimising representationacross the estate. The Group is developing close relationships with the new entrant brands. Chinese brand expansion and new franchise openings The Group operated 18 sales outlets on 31 August 2026 representing Chinese automotive brands,including BYD and MG (excluding Volvo),this compares to 9 outlets 12 months ago. Current outlets(20, with 2 further outlets opened after the end of the Period) now represent 10.3% of total Group salesoutlets: 31Aug 2025 31Aug 2026 Anticipatedby mid2027SAIC Motor 4 4 5 MG 4 4 5 BYD 3 5 8 BYD 3 5 7Denza - - 1 Geely 2 5 8 Geely - 3 5LEVC 1 1 1Smart 1 1 2 Chery - 2 8 Jaecoo - 1 2Omoda - 1 2Chery - - 1ICaur - - 3 Leapmotor - 2 2 Leapmotor - 2 2 Total Chinese brand outlets 9 18 31Total Group sales outlets 191 194 205% of total outlets 4.7% 9.3% 15.1% A number of new franchises have been added in the Period. The Group launched its first Omoda and Jaecoo dealerships in Burton on 1 July 2026,providing representation of two of the fastest-growing automotive brands in the UK market. Afurther existing Group outlet in Macclesfield was re-franchised to Omoda and Jaecoo on 1October 2026.The Group has also opened its first Leapmotor outlets in Harrogate and Crewe, alongsideexisting Vauxhall operations.
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The Group opened Geely outlets in Glasgow and Kings Norton and has plans to open furtheroutlets. An outlet in Stockton, Teesside opened in October. The Group is in advanced discussions to open a further 11 Chinese sales outlets with existing and newbrand partners, as set out above. If all complete, the Group will have a total of 31 outlets with Chinesebrands within the next 12 months representing 15% of all outlets. Other franchise developments The Group commenced representation of the Alpine franchise in Nottingham alongside its existingRenault and Dacia operations and introduced the Renault and Dacia franchises into its existingMansfield Hyundai dealership, broadening the Group's franchise coverage within its existing estate. Portfolio optimisation Alongside these growth initiatives, the Group has continued to optimise its portfolio and manage itscost base. Following a strategic review of the Mazda franchise, a loss-making outlet in York wasclosed at the end of July 2026 and the Sheffield Mazda operation was relocated alongside the Group'sNissan dealership in the city, creating a more efficient multi-franchise operation and reducing operatingcosts. Overall, the Group continues to reshape its portfolio, particularly with Chinese Manufacturers, whilsttaking targeted actions to improve the efficiency and profitability of the existing dealership estate. Management and Colleagues The Group benefits from a long-term, highly experienced senior management team, which was furtherstrengthened in January 2026 by the appointment of two new Managing Directors. These roles havebeen successfully embedded, bringing additional management capacity, sharper operationalaccountability and increased focus on performance across the Group’s dealership network. Thisenhanced leadership structure has been complemented by the appointment of a dedicated GroupParts Director, whose work to strengthen operational focus and improve returns has been supported bythe launch of ‘Fit Bits’, which is documented further below. During FY27, the Group introduced a new Sales Executive remuneration framework across its volumefranchise operations, increasing base salaries and enhancing performance-related earningopportunities while aligning colleague incentives more closely with vehicle volumes, financepenetration, product sales and customer satisfaction. The new framework has supported significantlyimproved sales-team stability and performance and is planned to be rolled out across the Group’spremium dealerships during H2. A review of technician remuneration has been undertaken, with pay packages being augmented inNovember to support retention, recruitment and further growth in aftersales capacity. More broadly, the stability of the Group’s colleague base has improved over the Period andengagement remains high, with 85% of colleagues rating the Group a great place to work. These twomeasures are critical in delivering the Group’s strategy and creating shareholder value. Digitalisation Developments Our in-house development team drives the Group's digitalisation initiatives, consistently enhancing thecustomer offering, maximising profitability and improving operational efficiency. Investment in systemsand operational developments has enabled the Group to standardise processes, strengthen controlsand access real-time management information to support swift, data-driven decision-making.Development efficiency is being boosted by the adoption of AI tools, which are accelerating coding,testing and deployment activity and reducing the time taken to launch new digital solutions across theGroup. The Board is excited by the opportunity for AI to speed up change and reduce developmentbacklogs; AI is therefore critical to the further control of costs and increased productivity. The following highlights some of the key areas of digitalisation where the Group has made progress inthe Period: Artificial Intelligence (“AI”) Adoption The Group is adopting AI in many areas. An example of where value is being created is the“Opportune” technology in sales. The Group has been piloting ‘Opportune’, an AI-enabled salestool which analyses customer telephone enquiries into the Group’s Centralised Sales ExperienceCentre and provides sales colleagues with a tailored summary, recommended actions andguidance. The product has been developed with assistance from the Group’s third-partytelephony provider. ‘Opportune’ enables sales colleagues to prepare more effectively forcustomer interactions, tailor their approach and focus on the factors most likely to support asuccessful customer outcome. Initial results have been encouraging. The 18 dealershipsincluded in the pilot achieved a sales conversion rate of 24.8%, compared with 22.0% across arepresentative control group of comparable, non-participating dealerships. This represents animprovement of 2.8 percentage points, or 12.7% on a relative basis. The pilot has recently beenexpanded to a total of 52 Group dealerships to assess whether this improvement can besustained across a larger population ahead of any decision on a wider Group rollout andfinalisation of commercial arrangements with the technology partner. The Board is focused onensuring AI and new technologies deliver a highly attractive return on investment. ‘Fit Bits’ Parts Performance Tool launch ‘Fit Bits’ was fully launched across the Group’s parts operations on 1 August 2026. This centrallydeveloped dashboard provides a consistent view of key operational and financial-controlmeasures across all of the Group’s parts departments. By converting performance into a simplescoreboard, the tool introduces an element of gamification that increases engagement and localaccountability, while enabling central management to identify operational deficiencies and target
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support. Early improvements have been achieved in stock management, strengthening controlsand reducing operational and balance-sheet risk. ‘vMAX’ sales performance tool launch During FY27, the Group introduced a new sales executive remuneration framework across itsvolume franchise operations, increasing base salaries and enhancing performance-relatedearning opportunities. The new structure more closely aligns colleague incentives with keyoperational objectives including vehicle volumes, finance penetration, product sales and customersatisfaction. The changes to sales executive remuneration were launched alongside a newtechnology called “vMAX”, the Group's new real-time sales performance and commissiondashboard, which provides enhanced transparency, colleague engagement and managementoversight. vMAX shows the sales executives their earning opportunity and key ratios. Gamification within vMAX is driving greater sales effectiveness, sales per sales executive and hasled to higher sales team earnings. In turn, the Group believes this is leading to a significantreduction in sales executive turnover, which has been a historic feature of the sector. Robert Forrester, CEO CHIEF FINANCIAL OFFICER’S REVIEW The Group’s income statement for the Period is summarised below: H1 FY27 H1 FY26 Variance £'m £'m % Revenue 2,596.5 2,510.0 3.4% Gross Profit 290.6 282.2 2.9%Gross Margin % 11.2% 11.2% 0.0%Operating Expenses (256.6) (251.2) 2.1%Operating expense as a % of revenue 9.9% 10.0% (0.1%) Adjusted Operating Profit 34.0 31.0 9.7%Operating margin 1.31% 1.23% 0.08% Net Finance Charges (10.2) (11.0) (7.2%) Adjusted Profit Before Tax 23.8 20.0 19.0% Non-Underlying Items9 0.4 (0.5) (180.0%) Profit Before Tax 24.2 19.5 24.1% Taxation (6.4) (5.3) 20.8% Profit After Tax 17.8 14.2 25.4% 9 Non-underlying items represent profits or losses on sale of properties, reorganisation costs and other non-underlying charges. The Group delivered an adjusted profit before tax of £23.8m in the Period. This performance wasahead of that achieved in the prior year period, reflecting an improvement in the volume of vehiclessold and year-on-year improvements in gross profit generation in all operating departments. Revenue grew by £86.5m to a new record level in the Period. Core Group revenues grew by 4.3%(£106.0m) with substantial growth in fleet volumes offsetting the impact of increased adoption of theagency model in a small number of franchises which reduces revenue. Portfolio changes such asdealership closures, acquisitions and startups resulted in a net £19.5m reduction in revenue in thePeriod versus last year. Gross profit growth was delivered in all channels in the Period, whilst overall Group gross marginremained stable at 11.2%. Operating expenses remained well controlled and grew just 2.1%, despite cost headwinds. Pleasingly,expenses as a % of revenues fell 0.1% to 9.9%. Net finance charges were £0.8m below the prior year as reduced Manufacturer new vehicle stockingcharges and lower interest rates aided costs. Non-underlying items represent a net income of £0.4m due to a surplus property disposal at above netbook value of £0.5m, partially offset by £0.1m of site closure costs in the Period. Revenue and Gross Profit by Department An analysis of total revenue and gross profit by department is set out below: H1 FY27£'m H1 FY26£'m Variance£’mRevenue New car & bike 755.2 740.8 14.4Fleet & Commercial new vehicles 616.7 549.4 67.3Used 1,001.0 1,002.7 (1.7)Aftersales 223.6 217.1 6.5 Total Group Revenue 2,596.5 2,510.0 86.5 Gross Profit New car & bike 60.0 56.6 3.4Fleet & Commercial new vehicles 28.6 27.5 1.1Used 72.8 71.1 1.7Aftersales 129.2 127.0 2.2
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Total Gross Profit 290.6 282.2 8.4 Gross Margin New car & bike 7.9% 7.6% 0.3%Fleet & Commercial new vehicles 4.6% 5.0% (0.4%)Used 7.3% 7.1% 0.2% Aftersales10 44.4% 44.7% (0.3%) Total Gross Margin 11.2% 11.2% - 10 Aftersales margin expressed on internal and external revenues. The total volumes of vehicles sold by the Group and like-for-like trends against market data are set outbelow: Total units sold Like-for-like units sold H1 FY27H1 FY26 %Variance H1 FY27 H1 FY26 %Variance Used retail vehicles 48,164 47,799 0.8% 47,470 45,787 3.7% Direct new retail car & bike18,399 18,390 - 18,031 17,736 1.7%Agency new retail car & bike3,287 1,860 76.7% 3,287 1,860 76.7% Total new retail car & bike21,686 20,250 7.1% 21,318 19,596 8.8%Motability cars 9,564 8,638 10.7% 9,380 8,408 11.6% Direct fleet cars 15,427 11,344 36.0% 15,424 11,320 36.3%Agency fleet cars 5,277 4,456 18.4% 5,162 4,453 15.9% Total fleet cars 20,704 15,800 31.0% 20,586 15,773 30.5%New commercial vehicles8,286 8,626 (3.9%) 8,276 8,597 (3.7%) Total New vehicles 60,240 53,314 13.0% 59,560 52,374 13.7% Total Vehicles 108,404101,113 7.2% 107,030 98,161 9.0% Group Like-for-likevolume varianceUK Market(SMMT) New Retail Car 8.4% 13.1% Motability Car 11.6% 10.7% Fleet Car 30.5% 8.4% New Commercial vehicles (3.7%) 5.7% New retail cars, bikes and Motability sales In H1 FY27, the Group grew like-for-like new retail vehicle sales by 8.4% against an improving overallmarket backdrop, with UK new retail registrations increasing by 13.1%11 in the Period. This marketgrowth was supported by the continued expansion of new Chinese entrants, which are helping to boostUK new vehicle registrations. Keen pricing, discounts and competitive finance means new vehicles areplaced at or below used prices in some cases and this is undoubtedly taking share from the usedvehicle arena. UK registration statistics in the Period also include increased pre-registration activity. Where the Group undertakes such activity, the units are not reflected in the Group’s new retailvolumes, with such vehicles subsequently sold in the Group through the used car channel. New retail vehicle sales include the Group’s motorcycle operations in the BMW Motorrad, Ducati andHonda franchises. New motorcycle sales grew 16% from 954 to 1,107 in the Period. Group like-for-like volumes of Motability sales increased by 11.6%, ahead of the market improvement of 10.7%11. The Motability market has grown as anticipated in H1 FY27 after a period of decline, dueto the timing of contract renewals with increased numbers of customers due to renew. The Groupremains one of Motability’s largest partners in the UK. Like-for-like margins in the Core Group grew to 8.0% from 7.6%. This margin augmentation washelped by the increase in the mix of agency volume, where the Group does not recognise the vehicleprice in revenue and receives a handling fee. The Group also maintained strong pricing discipline toaid margins in new retail car sales which offset the dilutive impact of increased lower margin Motabilitysales. The increase in both volume and margin, drove gross profit from the sale of new retail and Motabilityvehicles to increase by £3.4m in the Period. 11 Source: SMMT Fleet & Commercial new vehicle sales The Group remains a major player in the fleet and commercial market, selling approx. 29,000 newvehicles via this channel in the Period. The Group has deep experience and capability across thedifferent aspects of this sales channel and is developing further strategies to gain market share. The Group’s like-for-like volumes in the fleet car channel grew by 30.5% in the Period, substantiallyahead of market growth of 8.4%, with the Group taking significant share. Part of this increase was dueto an increase in direct supply contracts into the daily rental sector, a historically lower margin channelinto which the Group did not historically supply significant volume. UK fleet sales, particularly of BEVvehicles, remain strong, driven by fiscal incentives for corporate fleets of BEVs and increasing demandfrom salary sacrifice schemes. The Group’s like-for-like sales of commercial vehicles declined by 3.7% against market growth of5.7%. The Group has historically been strong in the sale of commercial vehicles through the highermargin corporate fleet channel. Business confidence and uncertainty around ZEV targets incommercial vehicles has seen increasing numbers of customers move into flexible hire for their fleet
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needs which tend to be lower margin. Market growth has therefore been concentrated into lowermargin channels whilst the Group has sought to concentrate on higher margin supply channels. Core Group margins in the fleet and commercial channel were 4.6% (H1 FY26: 5.0%), reflecting thechange in mix to retail car from commercial vehicles and increased sales being concentrated in lowermargin car channels in the Period. Overall, gross profit per unit remains respectable at £984 (H1FY26: £1,125) given the strong volume growth. Like-for-like gross profits generated from the fleet andcommercial channel increased by £1.0m. Used retail vehicles The Group delivered a strong used vehicle performance in H1 FY27, with like-for-like sales of usedvehicles increasing by 3.7%. This performance was supported by effective marketing activity, thesuccessful execution of the “Value Cars by Vertu” strategy and enhanced performance followingchanges to the volume Sales Executive remuneration packages and the launch of vMAX. Value Cars by Vertu, launched in April 2026, has broadened the Group’s used car proposition intoolder, more affordable vehicles. In the Period, used vehicle volume growth was driven largely by carsaged seven years and over, with this cohort increasing by 34.7% and accounting for almost 90% of thereported used vehicle volume growth. Value Cars also demonstrated attractive operatingcharacteristics, selling on average 11.5 days faster than standard used cars and as will be seen below,at enhanced margins. The Value Cars initiative is an important development, as it demonstrates the Group’s ability to use itsscale, brand, systems and pricing disciplines to access additional used vehicle segments and retainsuitable older part-exchanges within Vertu. The Group has traded fewer cars to the wholesale marketsas a result. Value Cars generated similar gross profit per unit to standard used cars but at around halfthe average selling price, producing a gross margin of 15.1% compared to 7.5% for standard usedcars. Used van sales, which have a higher average sales price and lower gross margin percentage,declined in the Period. These changes in sales mix reduced the average selling price of used vehiclesin the Core Group by £336 in the Period (£535 when compared to H2 FY26) and augmented the CoreGroup used vehicle margin to 7.3% from 7.2%, while Core Group gross profit per unit remained stableat approximately £1,500. These positive margin trends offset lower margins in premium used cars,particularly high-value diesel SUVs. The Group continues to develop new routes to market and has commenced work on a partnership withAyan Finance, a specialist provider of Shariah law compliant used vehicle finance. The initiative isexpected to broaden the Group’s access to Muslim customers who have traditionally had more limitedfinancing options within mainstream automotive retail, providing a further opportunity to generateincremental used vehicle sales. Used vehicle trade values in the UK market overall remained relatively stable during the Period,supported by constrained supply of desirable stock. Diesel-fuelled used vehicle trade values havesoftened, reflecting a decline in demand as rising fuel costs have increased running costs. The impactwas most pronounced within the premium segment, where higher-value vehicles experienced greaterpressure on trade prices. Against this backdrop, the Group’s focus on disciplined stock management,pricing analytics through the Group’s proprietary valuation tool ‘Vertu Insights’ and the expansion of theValue Cars proposition delivered an overall gross profit increase from the sale of used vehicles of£2.6m in the Core Group. Aftersales The Group’s high-margin aftersales operations are a vital contributor to Group profitability, generatingover 44% of total gross profit. Overall, compared to the six-month period ended 31 August 2025, thefollowing like-for-like trends in aftersales performance were seen, with like-for-like gross profitincreasing by £3.9m year-on-year. This is a consistent growth trend. The majority of this growth camefrom the higher-margin service department. Service Parts Accident &SmartRepair Forecourt Total £’m £’m £’m £’m £’m Revenue12 116.5 149.6 15.6 6.9 288.6 Revenue12 change (%) 2.9% 3.9% (0.4%) 33.2% 3.8%Gross profit 85.7 31.7 10.0 0.6 128.0Gross profit change 2.5 1.1 0.2 0.1 3.9 Gross margin13 (%) 73.6% 21.2% 64.2% 8.6% 44.4%Margin change (%) 0.1% (0.1%) 1.4% (0.1%) (0.3%) 12 includes internal and external revenues 13 Aftersales margin expressed on internal and external revenues Service Vehicle service and repair remains a key revenue stream for the Group, with like-for-like servicerevenue increasing by £3.3m (2.9%) during the Period. The Group has successfully executedinitiatives to enhance average invoice value in the Period, including continued focus on the Group’svehicle health check (“VHC”) process and increased use of the Group’s Pay Later product, whichallows service customers to defer payments interest-free for up to five months on repair workidentified. The Group experienced an increase in technician vacancies during the latter part of the Period, in partdue to moves to increase the aftersales capacity of the Group. The situation has eased in recentweeks. In order to further support the recruitment and retention of skilled technicians, maintaincustomer service capacity and underpin the continued growth of the Group’s high margin aftersalesoperations, a review of technician pay has been undertaken. Positive changes to technicianremuneration will be implemented on 1 November 2026.
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The resilience of the Group’s high-margin service operations is underpinned by strong customer-retention metrics and a substantial recurring customer base. The Group has 160,000 live serviceplans, through which customers pay monthly for annual servicing, supporting repeat workshop visitsand greater visibility of future demand. The Group also has a strong Motability customer base of over50,000, with customers returning to its workshops for servicing and maintenance under their vehiclecontracts. Together with more than two million customers held on the Group’s database, theseestablished relationships provide significant opportunities to retain customers within the Group’svehicle service operations. Overall, a year-on-year improvement in like-for-like labour sales was delivered whilst service grossmargins remained broadly static at 73.6% (H1 FY26: 73.5%). Consequently, service gross profit in theCore Group increased by £2.5m. Parts The Group’s parts operations encompass wholesale activities, agency distribution centres, online partsretailing and accessory sales, as well as supplying the Group’s service and accident repairbusinesses. The Core Group grew Parts revenue by £5.6m year-on-year, an increase of 3.9% to£149.6m, driven by a growth in wholesale parts sales, an area of expertise for the Group. This led to a£1.1m increase in gross profit generation in the Core Group’s parts departments. Margins declinedslightly to 21.2% in the Period (H1 FY26: 21.3%) as a result of a shift in sales mix towards wholesaleactivity. Ace Parts, the Group’s online parts retailer, including the WiperBlades.co.uk business, has undergonea fundamental transformation in its operating model to enhance financial returns. Inventory hasreduced from over £1.0m to £0.4m, whilst transaction volumes totalled over 280,000 orders generatingrevenue of £6.3m in the Period. The business has successfully shifted from a warehouse-led model,where over 65% of orders were fulfilled from stock, to a capital light structure where over 75% of ordersare fulfilled through drop ship and just-in-time channels. Combined with a reduced headcount, this hasdelivered a substantial improvement in operating profit to £0.4m in the Period (H1 FY26: £0.2m) and astep change in Return on Capital Employed. Accident and Smart Repair The Group’s accident repair centres and smart repair operations are managed separately from thedealership businesses in a successful standalone division. Like-for-like revenue generated from thissegment was broadly stable in the Period with gross profit increasing £0.2m. Accident repair revenuescontinue to be influenced by lower claims frequencies than historic levels and increasing vehicle write-off rates, as rising repair costs and vehicle complexity lead insurers to deem a greater proportion ofdamaged vehicles uneconomic to repair. Gross profit benefited from increased short repair activity,supported by higher internal work provision, together with growth in external revenues through tyre andalloy repairs. The Group delivered a gross margin improvement to 64.2% (H1 FY26: 62.8%) in thischannel due to a shift in the mix of higher margin smart repair work. Operating Expenses A summary of Core Group operating expenses is set out below: H1 FY27 H1 FY26 H1 FY27 Var to H1FY26 £'m £'m £’m %Salary costs 142.9 137.5 5.4 3.9%Vehicle and valeting costs 27.8 27.7 0.1 0.4%Property costs and depreciation 31.2 30.6 0.6 2.0%Marketing costs 21.4 20.7 0.7 3.4%Other (including IT costs) 27.5 26.1 1.4 5.4% Share based payments and amortisation 1.9 1.9 - - Core Group operating expenses 252.7 244.5 8.2 3.4% Core Group operating expenses as a % of CoreGroup revenues 9.9% 10.0% Acquisitions and start ups 3.4 - 3.4 Disposals and closures 0.5 6.7 (6.2) Total Group underlying operating expenses256.6 251.2 5.4 2.1% Operating expenses as a % of revenue9.9% 10.0% Core Group operating expenses totalled £252.7m in the Period, 3.4% (£8.2m) up on H1 FY26 drivenby ongoing and inflationary cost pressures in the UK economy. Reflecting cost pressures, recentperiods have seen the Group close a number of low return operations and this has not only had abeneficial impact on the Group’s bottom line but has also reduced the Group’s overall cost base. In theperiod, operating expenses reduced by £6.2m as a result of these actions. A number of acquisitions and startups arose in the Period which increased costs by £3.4m and whichare expected to deliver increased returns over time. Overall, total Group underlying operatingexpenses increased by £5.4m in the Period compared to H1 FY26. Operating expenses as a % ofrevenue decreased by 0.1% in the Core and Total Group. This reflects the strong focus of the Groupon cost control and the decisions taken to remove underperforming businesses. Salary costs represent over half of Core Group operating expenses and are the biggest single cost tothe Group. Core Group colleague costs increased by £5.4m (3.9%) compared with the prior yearperiod. This reflected National Minimum Wage increases, higher performance-related earnings andcommissions driven by stronger operational performance and volume growth, the annualised impact ofhigher employer National Insurance costs, and targeted investment in dealership management teams. This was partially offset by a substantial cost reduction programme undertaken at the end of FY26 inorder to lessen the impact.
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Share based payments and amortisation costs have remained level, despite a reduction in shareawards for FY27. The saving arising from this reduction has been offset by a lower-than-anticipatedleaver rate, highlighting stability of management colleagues. Vehicle and valet costs rose by only 0.4% despite national minimum wage impacts on valet costs. TheGroup benefited from savings following the introduction of charges for service wash and vacuumservices across the Group’s volume dealerships service departments. These savings helped to offsethigher costs associated with valet underlying costs and demonstrator and courtesy vehicles, reflectingincreased depreciation rates, particularly for electric vehicles, and a larger demonstrator fleet asManufacturer model ranges expanded. The Group continues to seek to minimise these costs wherepossible, including through the use of lower-cost options such as contract hire. The Core Group saw a £0.7m (3.4%) increase in marketing costs in the Period. This increase isentirely due to the success of the Group’s fleet and commercial vehicle sales operations. Improvedsales volumes in this channel increased the cost of fleet settlement discount included within marketingexpenses by £0.7m in the Core Group. During the period the Group also delivered two Group widenew vehicle sale events, representing the first time the Group has invested in such events. The costsof these events, which included television advertising, were delivered whilst keeping marketing costincreases to a minimum. Such events helped to deliver the Group’s success in sales. Data analyticsand tagging are increasingly allowing the Group to attribute marketing activity to sales and to properlyassess cost per sale. Further efficiencies are likely to arise as this is further developed. Other costs have increased by £1.4m in the Core Group, reflecting investment in IT systems and AIalong with inflationary increases in other areas. These rises in part allowed the Group to increaseproductivity and make headcount savings. Net Finance Charges The movement in net finance charges is analysed below: H1 FY27 H1 FY26 H1 FY27 Var toH1 FY26 £'m £'m £’mInterest on bank borrowings 4.9 4.8 0.1New vehicle Manufacturer stocking interest 3.9 4.7 (0.8)Interest on lease liabilities 2.3 2.0 0.3Used vehicle stock funding interest - 0.2 (0.2)Interest on bank deposits (0.8) (0.6) (0.2)Net finance income relating to defined benefitpension scheme (0.1) (0.1) - Net Finance Charges 10.2 11.0 (0.8) The overall decrease in net finance charges of £0.8m is driven by a decrease in new vehicle stockingcharges. The £0.8m year-on-year decrease in Manufacturer stocking charges is because of reducednew car stocking levels and reduced interest rates. Management increased focus on this area but theGroup was aided by Manufacturer actions cognisant that the pipeline and associated costs were tooonerous in a number of franchises. The increase in lease interest of £0.3m in the Period is a result of an increase in the number of contracthire courtesy vehicles, as part of the strategy to reduce vehicle running costs. Interest on bank borrowings includes the cost of the 20-year mortgage facilities from BMW FinancialServices, where £70.0m remains outstanding at 31 August 2026 (28 February 2026: £72.1m) and a 10-year mortgage facility with Toyota Financial Services, where £6.3m remains outstanding at 31 August2026 (28 February 2026: £6.7m), as well as interest on the £56m drawn on the Group’s RevolvingCredit Facility (“RCF”) with three major banks. Renewal of banking facilities In October 2026, the Group agreed the renewal of its revolving credit facility, replacing the existing£93m acquisition-only facility which was due to expire in December 2027. The new facility comprises a£70m revolving credit facility for general commercial purposes, together with a £50m accordion toretain capacity for future acquisitions. It has an initial three-year term, with options to extend for up to afurther two years. The broader purpose of the facility will allow the Group to repay and redraw funds ascash and working capital requirements fluctuate on a seasonal basis, improving treasury efficiencywhile maintaining committed liquidity and strategic flexibility. The renewed facility reduces the margin payable by 0.25% on previous levels. Together with the abilityto reduce drawings during periods of surplus cash and lower arrangement fee amortisation on thesmaller committed facility, the refinancing is expected to deliver annualised finance cost savings ofapproximately £0.5m. The part-year benefit in FY27 is expected to be approximately £0.1m, with thefull benefit arising in subsequent periods. Non-underlying items H1 FY27 H1 FY26 £'m £'mProfit on disposal of assets held for resale (0.5) -Redundancy costs - 0.3Site closure costs 0.1 0.2 0.4 0.5 The Group generated a profit on disposal of assets held for resale of £0.5m in the Period which hasbeen shown as non-underlying income in the Period. This is partly offset by closure costs incurred in
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the Period. Tax The Group’s underlying effective rate of tax for the Period was 26.4% (H1 FY26: 26.8%). This is higherthan the headline rate of corporation tax in the UK of 25% as a result of permanent non-qualifyingdepreciation, tax differences. The total tax charge for the Period was £6.4m (H1 FY26: £5.3m). TheGroup continues to be classified as “low risk” and takes a pro-active approach to minimising taxliabilities whilst ensuring it pays the appropriate level of tax to the UK Government. Dividend An increased interim dividend of 1.00p per share (H1 FY26: 0.90p), an 11% rise, in respect of FY27 willbe paid on 15 January 2027. The ex-dividend date will be 10 December 2026 and the associatedrecord date 11 December 2026. Cash Flows Excellent cash conversion of 94.2% was seen in the Period with a net inflow from operating activities of£32.5m delivered from an operating profit of £34.5m. Free cash flow of £17.5m was generated in thePeriod (H1 FY26: £0.4m), driven by reduced outflows of working capital and lower capital expenditure. A cash outflow from working capital in the Period of £11.0m largely reflects reduced vehicle depositscompared to the position at 28 February 2026. This is to be expected given March is a much largermarket than September. An increase in trade receivables also arose given the growth in fleet sales inthe Period. A significant reduction in new manufacturer funded vehicle inventory arose in the Period. Thisreduction was mirrored by a commensurate fall in creditors and therefore did not impact cash overall. Capital expenditure of £7.0m was spent in the Period. Of this total, £1.3m is considered to beenhancement expenditure, bringing additional capacity or new sales outlets to the Group. Full year netcapital expenditure of approximately £21m is anticipated with a number of projects, including continuedexpansion with Chinese brands, scheduled for the second half of the year. In the Period, the Group successfully disposed of a property held for resale at 28 February 2026,delivering a cash inflow of £1.5m and generating a profit on disposal of £0.5m. The Group announced a further £12.0m share buy-back programme on 5 March 2026. In the Period,the Group has continued to buy back shares, repurchasing approximately 2.4m shares, representing0.8% of opening shares in issue, for a total cost of £1.7m. The total expended to 30 September 2026under the current authority was £1.8m, leaving £10.2m remaining to deploy. The Board believes that buybacks are an attractive use of capital and will continue its programme ofbuybacks at prices up to 105% of tangible net assets per share (c.85p) as a relevant element of returnsto shareholders, alongside dividend payments. The Group has now purchased almost 22% of its sharecapital because of buyback programmes operating since FY18. In addition, £4.0m of shares (6.4mshares) were purchased by the Group’s employee benefit trust in the Period. At 31 August 2026 thetrust held 4.3m shares to be used in satisfaction of the Group’s employee share incentive schemes. Balance sheet The Group has a strong asset backed balance sheet, with tangible net assets per share of 80.8p (28February 2026: 75.9p), representing a new record. Underpinning this is the Group’s substantialfreehold and long-leasehold property portfolio with a net book value of £327.9m, 50% of which is notsecured under mortgages. The Group has recently engaged Knight Frank to undertake a desk-top valuation of the Group’sunencumbered dealership properties. The exercise confirmed the appropriateness of the carryingvalue of the Group’s extensive freehold property portfolio which is held at historic depreciated cost. The Group does not extensively utilise used vehicle stocking loans. At 31 August 2026 the Group held£186m of unencumbered used vehicle inventory. Much of the Group’s debt is long term, property backed mortgages, with no covenants. The Group’scautious approach to debt, means the Group has a low gearing of 15% (28 February 2026: 17%) andnet debt of just £54.2m (28 February 2026: £61.3m). Karen Anderson, CFO For the six months ended 31 August 2026 Six months ended 31 August 2026 Six months ended 31 August 2025 Year ended 28 February 2026 NoteUnderlyingitems Non-underlyingitems(note 4) Total Underlyingitems Non-underlyingitems(note 4) Total Underlyingitems Non-underlyingitems(note 4) Total £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 Revenue 2,596,474- 2,596,474 2,510,027- 2,510,027 4,833,796- 4,833,79
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Cost of sales (2,305,847)- (2,305,847) (2,227,836)- (2,227,836)( (4,293,787)- (4,293,78 Gross profit 290,627 - 290,627 26282,191 - 282,191 51 540,009- 540,009 Operating expenses(256,542) 370 (256,172) (251,159)(469) (251,628)5)(493,523) (4,228) (497,751 Operating profit /(loss) 34,085 370 34,455 31,032 (469) 30,563 46,486 (4,228) 42,258 Finance income 5 850 - 850 808 - 808 1,343 - 1,343 Finance costs 5 (11,095) - (11,095) (11,834) - (11,834) (23,359) - (23,359) Profit / (loss)before tax 23,840 370 24,210 20,006 (469) 19,537 24,470 (4,228) 20,242 Taxation (6,296) (117) (6,413) (5,359) 91 (5,268) (6,408) 789 (5,619) Profit / (loss) for theperiod attributed toequity holders 17,544 253 17,797 14,647 (378) 14,269 18,062 (3,439) 14,623 Basic earningsper share (p) 7 5.80 4.46 4 Diluted earningsper share (p) 7 5.37 4.11 4
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CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) For the six months ended 31 August 2026 Six monthsended31 August2026 Six monthsended31 August2025 Yearended28 February2026 Note£’000 £’000 £’000 Profit for the period 17,797 14,269 14,623 Other comprehensive income / (expense) Items that will not be reclassified to profit or loss: Actuarial losses on retirement benefit obligations9(80) (149) (280)Deferred tax relating to actuarial losses on retirement benefitobligations 20 37 70Items that may be reclassified subsequently to profit or loss: Cash flow hedges 87 (138) (239) Deferred tax relating to cash flow hedges (22) 35 60 Other comprehensive income / (expense) for the period, net oftax 5 (215) (389) Total comprehensive income for the period attributable toequity holders 17,802 14,054 14,234 CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) For the six months ended 31 August 2026 31 August2026 31 August 2025 28 February 2026 Note£’000 £’000 £’000Non-current assets Goodwill and other indefinite life assets 11 135,447 136,006 135,447Other intangible assets 872 1,294 1,129Retirement benefit asset 3,560 3,753 3,639Property, plant and equipment 350,963 357,787 354,029Right-of-use assets 86,400 93,677 88,665 577,242 592,517 582,909Current assets Inventories 761,983 789,781 819,995Trade and other receivables 117,444 93,880 78,629Cash and cash equivalents 77,994 58,501 73,076 957,421 942,162 971,700Property assets held for sale 3,560 5,051 4,535
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Total current assets 960,981 947,213 976,235Total assets 1,538,223 1,539,730 1,559,144 Current liabilities Trade and other payables (890,519) (885,037) (922,585)Current tax liabilities (3,767) (2,739) (794)Deferred consideration - (1,000) -Contract liabilities (9,609) (11,764) (10,749)Borrowings (5,115) (5,087) (5,120)Lease liabilities (19,957) (21,854) (19,240)Total current liabilities (928,967) (927,481) (958,488) Non-current liabilities Deferred income tax liabilities (26,117) (25,986) (26,403)Contract liabilities (11,459) (8,527) (8,738)Borrowings (127,063) (131,751) (129,271)Lease liabilities (76,680) (82,013) (78,711) Total non-current liabilities (241,319) (248,277) (243,123)Total liabilities (1,170,286)(1,175,758)(1,201,611)Net assets 367,937 363,972 357,533 Capital and reserves attributable to equity holders of the Group Ordinary share capital 31,031 32,070 31,270Share premium 124,939 124,939 124,939Other reserve 10,645 10,645 10,645Hedging reserve (34) (23) (99)Treasury share reserve (2,657) (2,337) (1,678)Capital redemption reserve 8,696 7,657 8,457Retained earnings 195,317 191,021 183,999 Total equity 367,937 363,972 357,533
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CONDENSED CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED) For the six months ended 31 August 2026 Six monthsended31 August Six monthsended31 August Yearended28 February 2026 2025 2026 Note £’000 £’000 £’000Cash flows from operating activities Operating profit 34,455 30,563 42,258 Profit/(loss) on sale of property, plant and equipment - (309) 73Profit on sale of assets previously held for sale (497) - (579)Profit on sale of business - - (310)Loss / (profit) on lease modification 638 (569) (1,528)Amortisation of intangible assets 264 261 528 Depreciation of property, plant and equipment 9,719 9,664 19,355 Depreciation of right-of-use assets 11,228 10,637 22,877 Impairment of property, plant and equipment 46 - 454 Impairment of goodwill - - 609 Impairment of right-of-use assets - - 351 Movement in working capital 10 (11,021) (21,223) 1,302 Share based payments charge 1,393 1,451 2,602 Cash inflow from operations 46,225 30,475 87,992 Tax received 516 809 810 Tax paid (4,246) (3,541) (5,572) Finance income received 850 703 1,134 Finance costs paid (10,823) (12,481) (23,645) Net cash inflow from operating activities 32,522 15,965 60,719 Cash flows from investing activities Acquisition of businesses, net of cash, overdrafts andborrowings acquired - (370) (2,031) Acquisition of freehold and long leasehold land and buildings- - (1,874) Purchases of intangible assets (7) - (116) Purchases of other property, plant and equipment (6,967) (10,853) (18,094) Proceeds from disposal of business - - 973 Proceeds from disposal of property, plant and equipment 1,639 3,253 5,257Net cash outflow from investing activities (5,335) (7,970) (15,885) Cash flows from financing activities Repayment of borrowings 8 (2,563) (2,563) (5,126)Principal elements of lease repayments (10,915) (10,421) (22,339)Sale of treasury shares 467 241 260Purchase of treasury shares (4,000) - -Repurchase of own shares (1,727) (5,722) (10,727)Dividends paid to equity holders (3,531) (3,676) (6,473)Net cash outflow from financing activities (22,269) (22,141) (44,405) Net increase / (decrease) in cash and cashequivalents 8 4,918 (14,146) 429Cash and cash equivalents at beginning of period 73,076 72,647 72,647Cash and cash equivalents at end of period 77,994 58,501 73,076
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CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) For the six months ended 31 August 2026 Ordinaryshare capital Sharepremium Otherreserve Hedgingreserve Treasurysharereserve Capitalredemptionreserve Retainedearnings Totaequity £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000As at 1 March 2026 31,270124,939 10,645 (99) (1,678) 8,457 183,999357,533Profit for the period - - - - - - 17,797 17,797Actuarial losses on retirementbenefit obligations - - - - - - (80) (80)Tax on items taken directly toequity - - - (22) - - 20 (2)Fair value gains - - - 87 - - - 87 Total comprehensive incomefor the period - - - 65 - - 17,737 17,802Purchase of treasury shares- - - - (4,000) - - (4,000)Sale of treasury shares- - - - 3,021 - (2,554) 467 Cancellation of repurchasedshares (239) - - - - 239 - -Repurchase of own shares- - - - - - (1,727) (1,727)Dividends paid - - - - - - (3,531) (3,531)Share based payments charge- - - - - - 1,393 1,393 As at 31 August 2026 31,031124,939 10,645 (34) (2,657) 8,696 195,317367,937 The repurchase of own shares in the period was made pursuant to the share buyback programmesannounced on 5 March 2026. 2,389,178 ordinary shares to the value of £1,727,000 had been repurchased in the six months ended31 August 2026. These shares were cancelled immediately and accordingly, the nominal value ofthese shares has been transferred to the capital redemption reserve. The ‘Other reserve’ is a merger reserve, arising from shares issued as consideration to the formershareholders of acquired companies.
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Ordinaryshare capital Sharepremium Otherreserve Hedgingreserve Treasurysharereserve Capitalredemptionreserve Retainedearnings Totalequity £’000£’000 £’000£’000 £’000 £’000 £’000 £’000As at 1 March 2025 33,010124,93910,645 80 (4,812) 6,717 186,972357,551Profit for the period - - - - - - 14,269 14,269 Actuarial losses on retirementbenefit obligations - - - - - - (149) (149)Tax on items taken directly toequity - - - 35 - - 37 72Fair value losses - - - (138) - - - (138) Total comprehensive incomefor the period - - - (103) - - 14,157 14,054Sale of treasury shares- - - - 2,475 - (2,234) 241 Cancellation of repurchasedshares (940) - - - - 940 - -Repurchase of own shares- - - - - - (5,649) (5,649)Dividends paid - - - - - - (3,676) (3,676)Share based payments charge- - - - - - 1,451 1,451As at 31 August 2025 32,070124,93910,645 (23) (2,337) 7,657 191,021363,972 For the six months ended 31 August 2025 For the year ended 28 February 2026 Ordinaryshare capitalSharepremium OtherreserveHedgingreserve Treasurysharereserve CapitalredemptionreserveRetainedearnings Totalequity £’000 £’000 £’000£’000 £’000 £’000 £’000 £’000As at 1 March 2025 33,010124,939 10,645 80 (4,812) 6,717 186,972357,551 Profit for the year - - - - - - 14,623 14,623Actuarial losses on retirementbenefit obligations - - - - - - (280) (280)Tax on items taken directly toequity - - - 60 - - 70 130Fair value losses - - - (239) - - - (239) Total comprehensive incomefor the year - - - (179) - - 14,413 14,234 Sale of treasury shares- - - - 3,134 - (2,874) 260Repurchase of own shares- - - - - - (10,641)(10,641) Cancellation of repurchasedshares (1,740)- - - - 1,740 - - Dividends paid - - - - - - (6,473) (6,473) Share based payments charge- - - - - - 2,602 2,602 As at 28 February 202631,270124,939 10,645(99) (1,678) 8,457 183,999357,533 NOTES For the six months ended 31 August 2026 1. Basis of preparation Vertu Motors plc is a Public Limited Company which is quoted on the AiM Market and is incorporatedand domiciled in the United Kingdom. The address of the registered office is Vertu House, Fifth AvenueBusiness Park, Team Valley, Gateshead, Tyne and Wear, NE11 0XA. The registered number of theCompany is 05984855. The financial information for the period ended 31 August 2026 and similarly the period ended 31 August2025 has neither been audited nor reviewed by the auditors. The financial information for the yearended 28 February 2026 has been based on information contained in the audited financial statementsfor that year. The information for the year ended 28 February 2026 does not constitute statutory accounts as definedin section 434 of the Companies Act 2006. A copy of the statutory accounts for that year has beendelivered to the Registrar of Companies. The Auditors’ Report on those accounts was not qualifiedunder section 498 of the Companies Act 2006. 2. Accounting policies In line with International Accounting Standard 34 and the Disclosure and Transparency Rules of theFinancial Conduct Authority, these condensed interim financial statements have been preparedapplying the accounting policies and presentation that were applied in the preparation of theCompany’s published consolidated financial statements for the year ended 28 February 2026. 3. Segmental information The Group adopts IFRS 8 “Operating Segments”, which determines and presents operating segmentsbased on information provided to the Group’s Chief Operating Decision Maker (“CODM”), Robert
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Forrester, Chief Executive Officer. The CODM receives information about the Group overall andtherefore there is one operating segment. The CODM assesses the performance of the operating segment based on a measure of both revenueand gross margin. However, to increase transparency, the Group has included below an additionalvoluntary disclosure analysing revenue and gross margin within the reportable segment. Six months ended 31August 2026 Revenue£’000 RevenueMix %Gross Profit £’000 Gross Profit Mix% Gross Margin% Aftersales14 223,596 8.6 129,231 44.5 44.4 Used vehicles 1,000,986 38.6 72,812 25.1 7.3 New car retail and Motability755,232 29.1 59,950 20.6 7.9New fleet & commercial616,660 23.7 28,634 9.8 4.6 Total 2,596,474 100.0 290,627 100.0 11.2 Six months ended 31August 2025 Revenue£’000 RevenueMix %Gross Profit£'000 Gross Profit Mix% Gross Margin% Aftersales14 217,161 8.7 127,042 45.0 44.7Used vehicles 1,002,675 39.9 71,081 25.2 7.1 New car retail and Motability740,829 29.5 56,587 20.1 7.6 New fleet & commercial549,362 21.9 27,481 9.7 5.0 Total 2,510,027 100.0 282,191 100.0 11.2 Year ended 28 February2026 Revenue£'000 RevenueMix %Gross Profit£'000 Gross Profit Mix% Gross Margin% Aftersales14 434,165 9.0 250,241 46.3 44.4 Used vehicles 1,929,762 39.9 132,575 24.6 6.9 New car retail and Motability1,375,882 28.5 105,012 19.4 7.6 New fleet & commercial1,093,987 22.6 52,181 9.7 4.8 Total 4,833,796 100.0 540,009 100.0 11.2 14 Margin in aftersales is expressed on internal and external revenue. A significant part of the role of the service department is to support thevehicle sales department and therefore internal revenue is considered to be an important element of margin for the purpose of monitoringdepartmental performance 4. Non-underlying items Six monthsended31 August Six months ended31 August Yearended 28 February 2026 2025 2026 £’000 £’000 £,000Redundancy costs (38) (325) (1,871)Other site closure costs (50) (144) (1,132)Property remediation works - - (700)Impairment of goodwill - - (609)Impairment of property, plant and equipment (46) - (454)Impairment of right-of-use assets - - (351)Profit on disposal of business - - 310Profit on sale of assets previously held for sale504 - 579Non-underlying profit / (loss) before tax370 (469) (4,228)Non-underlying taxation (charge) / credit(117) 91 789 Non-underlying profit / (loss) after tax253 (378) (3,439) As part of the Group’s ongoing review of sites generating less than adequate financial returns, theGroup ceased trading of a Mazda dealership in York. Site closure costs of £50,000 were incurred aswell as redundancy costs of £38,000. At 31 August 2026, the Group was in negotiation to dispose of a vehicle storage compound inNewcastle. Anticipated sale proceeds are £46,000 lower than net book value resulting in an impairmentcharge of £46,000 being incurred. On 27 March 2026, the Group disposed of a surplus property in Barnstaple that was previously held forsale. The disposal generated a profit of £504,000. 5. Finance income and costs Six monthsended31 August2026 Six monthsended31 August2025 Year ended28 February2026 £’000 £’000£’000Interest on short-term bank deposits 670 637 1,134Net finance income relating to defined benefit pension scheme98 105 209Other interest 82 66 -Finance income 850 808 1,343 Bank loans and overdrafts (4,958) (4,858) (9,534)Vehicle stocking interest (3,879) (4,840) (9,296)Lease liability interest (2,258) (2,136) (4,529)Finance costs (11,095) (11,834) (23,359)
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6. Taxation The Group’s underlying effective rate of tax is 26.4% (H1 FY26: 26.8%), which is higher than thestandard rate of corporation tax in the UK as a result of the impact of non-qualifying depreciation andnon-deductible expenses. The overall effective tax rate of 26.5% (H1 FY26: 27.0%) includes tax onnon-underlying items. The Group continues to be classified as “low risk” by HMRC and takes a pro-active approach to minimising tax liabilities whilst ensuring it pays the appropriate level of tax to the UKGovernment. 7. Earnings per share Basic and diluted earnings per share are calculated by dividing the earnings attributable to equityshareholders by the weighted average number of ordinary shares during the period or the dilutedweighted average number of ordinary shares in issue in the period. The Group only has one category of potentially dilutive ordinary shares, which are share options. Acalculation has been undertaken to determine the number of shares that could have been acquired atfair value (determined as the average annual market price of the Group’s shares) based on themonetary value of the subscription rights attached to the outstanding share options. The number ofshares calculated as above is compared with the number of shares that would have been issuedassuming the exercise of the share options. Adjusted earnings per share is calculated by dividing the adjusted earnings attributable to equityshareholders by the weighted average number of ordinary shares in issue during the period. Six monthsended31 August2026 Six months ended31 August2025 Year ended28 February2026 £’000 £’000£’000Profit attributable to equity shareholders 17,797 14,26914,623Non-underlying (profit) / loss after tax (253) 378 3,439Underlying earnings attributable to equityshareholders 17,544 14,64718,062 Weighted average number of shares in issue (‘000s)307,060 320,276 316,465Potentially dilutive shares (‘000s) 24,269 27,038 24,346Diluted weighted average number of shares in issue(‘000s) 331,329 347,314 340,811 Basic earnings per share 5.80p 4.46p 4.62p Diluted earnings per share 5.37p 4.11p 4.29p Basic underlying earnings per share 5.71p 4.57p 5.71p Diluted underlying earnings per share 5.30p 4.22p 5.30p At 31 August 2026, there were 310,307,970 shares in issue (including 4,261,599 held by the Group’semployee benefit trust). 8. Reconciliation of net cash flow to movement in net debt 31 August2026 31 August2025 28 February2026 £’000 £’000 £’000Net increase / (decrease) in cash and cash equivalents4,918 (14,146) 429Cash inflow from proceeds of borrowings - - -Cash outflow from repayment of borrowings2,563 2,563 5,126 Cash movement in net debt 7,481 (11,583) 5,555 Amortisation of loan arrangement fees (321) (159) (306)(Increase) / decrease in accrued loan interest(30) (28) 3Non-cash movement in net debt (351) (187) (303) Movement in net debt (excluding lease liabilities)7,130 (11,770) 5,252Opening net debt (excluding lease liabilities)(61,315) (66,567) (66,567)Closing net debt (excluding lease liabilities)(54,185) (78,337) (61,315) Opening lease liabilities (97,951) (94,011) (94,011)Capitalisation of new leases (11,036) (24,363) (35,142)Disposal of lease liabilities 1,435 4,086 8,863Interest element of lease repayments (2,258) (2,136) (4,529)Cash outflow from lease repayments 13,173 12,557 26,868 Closing lease liabilities (96,637) (103,867) (97,951) Closing net debt (including lease liabilities)(150,822) (182,204) (159,266) 9. Retirement benefit asset
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For the six months ended 31 August 2025 Inventories Trade andotherreceivables Trade andotherpayables Total workingcapitalmovement £’000 £’000 £’000 £’000 Trade and other payables (885,037) Contract liabilities (20,291) At 31 August 2025 789,781 93,880 (905,328) At 28 February 2025 816,939 98,951 (960,729) Balance sheet movement 27,158 5,071 (55,401) Acquisitions 33 62 (252) Movement excluding businesscombinations 27,191 5,133 (55,653) (23,329) Pension related balances 98 Decrease in capital creditor 1,093 Decrease in interest accrual 500 Derivative financial instruments 9 Decrease in share buyback accrual 72 Decrease in loan acceptance fee accrual 334 Movement in working capital (21,223) The Group operates a trust based defined benefit pension scheme, “Bristol Street Pension Scheme”,which has three defined benefit sections which were closed to new entrants and future accrual on 31May 2003, with another section closed to new entrants in July 2003 and future accrual in October2013. The Group has applied IAS 19 (revised) to the scheme. The scheme remains fully funded andin surplus on the accounting basis. During the six month period ended 31 August 2026, there have been changes in the financial anddemographic assumptions underlying the calculation of the liabilities. In particular, the discount rate hasincreased, inflation assumptions have increased and life expectancy assumptions have been modified.The effect of these changes in assumptions was a decrease in liabilities of £1,961,000. The liabilityhedging strategy within the scheme investment portfolio meant that the period also saw a decrease inthe market value of scheme assets of £2,040,000. In total, an actuarial loss of £80,000 was recognisedin the Consolidated Statement of Comprehensive Income. 10. Cash flow from movement in working capital The following table reconciles the movement in balance sheet headings to the movement in workingcapital as presented in the Consolidated Cash Flow Statement. For the six months ended 31 August 2026 Inventories Trade andotherreceivables Trade andotherpayables Total workingcapitalmovement £’000 £’000 £’000 £’000 Trade and other payables (890,519) Contract liabilities (21,068) At 31 August 2026 761,983 117,444 (911,587) At 28 February 2026 819,995 78,629 (942,072) Balance sheet movement 58,012 (38,815) (30,485) (11,288) Pension related balances 97 Decrease in capital creditor 183 Increase in interest accrual (19) Derivative financial instruments 6Movement in working capital (11,021) For the year ended 28 February 2026 Inventories Trade andotherreceivables Trade andother payables Total workingcapitalmovement £’000 £’000 £’000 £’000 Trade and other payables (922,585) Contract liabilities (19,487) At 28 February 2026 819,995 78,629 (942,072) At 28 February 2025 816,939 98,951 (960,729) Balance sheet movement (3,056) 20,322 (18,657) Acquisitions 578 63 (215) Disposals (525) (28) 4 Movement excluding businesscombinations (3,003) 20,357 (18,868) (1,514)
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Pension related balances 185 Decrease in capital creditor 1,841 Decrease in interest accrual 254 Decrease in corporation tax accrual 208 Derivative financial instruments (92) Decrease in share buyback accrual 86 Decrease in loan acceptance fee accrual 334 Movement in working capital 1,302 11. Goodwill and other indefinite life assets 31 August2026 31 August2025 28 February2026 £’000 £’000 £’000 Goodwill 89,755 90,314 89,755 Other indefinite life assets – Franchise relationships45,692 45,692 45,692 At end of period 135,447 136,006135,447 12. Risks and uncertainties There are certain risk factors which could result in the actual results of the Group differing materiallyfrom expected results. These factors include: failure to deliver on the strategic goal of the Group toacquire and consolidate UK motor retail businesses, failure to meet competitive challenges to ourbusiness model or sector, advances in vehicle technology providing customers with mobility solutionswhich bypass the dealer network, inability to maintain current high quality relationships withManufacturer partners, economic conditions impacting trading, market and environmentalconsiderations impact on vehicle supply and values, litigation and regulatory risk, failure to comply withhealth and safety policy, failure to attract, develop and retain talent, failure of Group information andtelecommunication systems, malicious cyber-attack, availability of credit and vehicle financing, use ofestimates, currency risk, impact of the transition to lower emission alternatives, changes in cost basedriven by climate goals and other climate related physical risks. All of the above principal risks are consistent with those detailed in the Annual Report for the yearended 28 February 2026. The Board continually review the risk factors which could impact on the Group achieving its expectedresults and confirm that the above principal factors will remain relevant for the final six months of thefinancial year ending 28 February 2027.
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Set out below are the definitions and sources of various alternative performance measures which arereferred to throughout the Interim Financial Report. All financial information provided is in respect ofthe Vertu Motors plc Group. Definitions Like-for-like Dealerships that have comparable trading periods in two consecutivefinancial years, only the comparable period is measured as “like-for-like”. H1 FY27 The six month period ended 31 August 2026. H1 FY26 The six month period ended 31 August 2025. Adjusted Adjusted for non-underlying items as these are unconnected with theordinary business of the Group. Aftersales gross margin Aftersales gross margin compares the gross profit earned fromaftersales activities to total aftersales revenues, including internal revenuerelating to service and vehicle preparation work performed on the Group’sown vehicles. This is to properly reflect the real activity of the Group’saftersales departments. Alternative Performance Measures Adjusted Profit Before Tax (PBT) Six monthsended31 August2026 Six monthsended31 August2025 £’000 £’000 Profit before tax 24,210 19,537 Redundancy costs 38 325 Other site closure costs 50 144 Impairment of property, plant and equipment 46 - Profit on sale of assets previously held for sale (504) - Adjusted PBT 23,840 20,006 Free Cash Flow Six monthsended31 August2026 Six monthsended31 August2025 £’000 £’000 Net cash inflow from operating activities 32,522 15,965 Purchase of other property, plant and equipment (6,967) (10,853) Enhancement capital expenditure included in above 1,276 2,455 Purchase of intangible assets (7) - Proceeds from disposal of property, plant and equipment 1,639 3,253 Principal elements of lease repayments (10,915) (10,421) Free Cash Flow 17,548 399 Tangible net assets per share 31 August2026 28 February2026 £’000 £’000 Net assets 367,937 357,533 Less: Goodwill and other indefinite life assets (note 11) (135,447) (135,447) Other intangible assets (872) (1,129) Add: Deferred tax on above adjustments 15,723 14,180 Tangible net assets 247,341 235,137 Tangible net assets per share 80.8p 75.9p At 31 August 2026 there were 310,307,970 shares in issue (28 February 2026: 312,697,148) of which 4,261,599were held by the Group’s employee benefit trust (28 February 2026: 2,717,292). Rights to dividends on shares
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held in the Group’s employee benefit must have been waived and, therefore, such shares are not included in thetangible net assets per share calculation. Like-for-like reconciliations: Revenue by department H1 FY27Grouprevenue£’m Acquisitionsrevenue£’m Disposalsrevenue£’m H1 FY27Like-for-likerevenue£’mNew car retail and Motability 755.2 (16.8)(2.1) 736.3New fleet and commercial 616.7 (0.1) - 616.6Used vehicles 1,001.0 (11.3) (2.1) 987.6Aftersales 223.6 (1.3) (0.3) 222.0Total revenue 2,596.5 (29.5)(4.5) 2,562.5 H1 FY26Grouprevenue£’m Acquisitionsrevenue£’m Disposalsrevenue£’m H1 FY26Like-for-likerevenue£’mNew car retail and Motability 740.8 - (16.4) 724.4New fleet and commercial 549.4 - (1.2) 548.2Used vehicles 1,002.7 - (31.4) 971.3Aftersales 217.1 - (4.5) 212.6Total revenue 2,510.0 - (53.5) 2,456.5 Gross profit by department H1 FY27Group grossprofit£’m Acquisitionsgross profit£’m Disposalsgross profit£’m H1 FY27Like-for-likegross profit£’mNew car retail and Motability 60.0 (1.0) (0.1) 58.9New fleet and commercial 28.6 (0.1) - 28.5Used vehicles 72.8 (0.4) (0.1) 72.3Aftersales 129.2 (1.0) (0.2) 128.0Total gross profit 290.6 (2.5) (0.4) 287.7 H1 FY26Group grossprofit£’m Acquisitionsgross profit£’m Disposalsgross profit£’m H1 FY26Like-for-likegross profit£’mNew car retail and Motability 56.6 - (1.1) 55.5New fleet and commercial 27.5 - - 27.5Used vehicles 71.1 - (1.4) 69.7Aftersales 127.0- (2.9) 124.1Total gross profit 282.2- (5.4) 276.8
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