Business
Final results for the year ended 28 February 2019
Final results for the year ended 28 February 2019.
About this update from Vertu Motors Plc
[{"type":"text","content":"\n \nRNS Number : 2934Y Vertu Motors PLC 08 May 2019 \n\n8 May 2019\n \nVertu Motors plc (\"Vertu\", \"Group\")\nFinal results for the year ended 28 February 2019\nProfit and cash generation ahead of expectations: dividend increased\n \nVertu Motors plc, the automotive retailer with a network of 123 sales and aftersales outlets across the UK, announces its final results for the year ended 28 February 2019\n \nCommenting on the results, Robert Forrester, Chief Executive Officer, said:\n\"Our highly skilled, disciplined and motivated team offers our aftersales, used and new vehicle customers outstanding service. By executing the basic fundamentals well, and with our strong financial position, Vertu will continue to generate significant and growing levels of cash. Over the last three years, we have invested over £85.0m in our capex programme across our dealership estate. This programme is now coming to an end and we would expect to generate increased levels of cash which, through our disciplined capital allocation framework, we will invest in operations, acquisitions and dividends as well as share buybacks, where appropriate.\"\n \nHIGHLIGHTS\nStrategy\n· Strong management and financial position enables growth of franchised businesses with major Manufacturer partners to deliver growth in value\n· Leads the sector in on-line capability for omni-channel retailing. On-line retailing capability developed in used cars, parts and vans\n· Delivery of market beating used car sales growth through use of technology in stock management and vehicle pricing together with cost-effective digital and TV marketing\n· Growing high margin service revenues through expanded capacity, high penetration of retention products such as service plans and delivery of outstanding customer experiences\n· Strong portfolio management including divestment of sub-scale and underperforming outlets/properties generating cash and reducing cost structures\n· Continuing value enhancing acquisitions\nFinancial\n· Profit before tax of £25.3m (2018: £30.4m)\n· Adjusted1 profit before tax of £23.7m ahead of market expectations (2018: £28.6m)\n· Full year dividend of ...