7:55 am, May 7, 2014
VERTU Motors plc more than tripled its profit before tax in the year ending February 28, its annual results revealed today.
The company published a very healthy set of figures at the end of what boss Robert Forrester described as a ‘transformational year’ for the group.
The numbers revealed:
- Revenue was up 33.8 per cent to £1.7 billion with like-for-like revenues up 13.1 per cent.
- Like-for-like new retail volumes rose by 19.7 per cent with the group gaining market share.
- Like-for-like used vehicle volumes rose 7.1 per cent with stronger margins.
- Higher margin service revenues rose 6.8 per cent on a like-for-like basis – the fourth successive year of growth.
This all led to a 96.7 per cent increase in adjusted operating profit; and a 259.1 per cent leap in profit before tax – from £4.4 million to £15.8 million.
Operating cash inflow rose to £47.4 million from £13 million and the dividend was up 14.3 per cent for the full year, rising from 0.7p to 0.8p.
Vertu chief executive Robert Forrester said: ‘This has been a transformational year for the group during which we have expanded significantly and sustainably, gained our first major premium franchise and developed scaled operations with both Land Rover and Volkswagen, and delivered record profits at every level.
‘This growth has been driven by both like-for-like growth from our core business and acquisition.
‘The board looks to the future with confidence as reflected in our increased dividend. The new and used car markets remain strong with our core business growing. Recently acquired under-performing businesses continue to be turned around.
‘We have a strong pipeline of acquisition opportunities and the financial firepower to execute them and we have further strengthened management in the year to allow the expansion to continue.’
Vertu currently has a network of 108 sales and aftersales outlets across the UK, with its dealerships operating predominantly under the Bristol Street Motors, Vertu, Farnell and Macklin Motors brand names.
