Business
Final results for the year ended 28 February 2022
Final results for the year ended 28 February 2022.
About this update from Vertu Motors Plc
[{"type":"text","content":"\n \n \n 11 May 2022\n \n \n \n \n \n \n Vertu Motors plc (\"Vertu\", \"Group\")\n \n \n \n \n Final results for the year ended 28 February 2022\n \n \n \n \n \"Gaining market share and investing in brand and technology\"\n \n \n \n \n \n \n Vertu Motors, the UK automotive retailer with a network of 160 sales and aftersales outlets, announces its final results for the year ended 28 February 2022 (\"Year\").\n \n \n \n Commenting on the results, Robert Forrester, Chief Executive, said:\n \n \n \n \"The Group performed at record profitability levels in the Year. Undoubtedly aided by well-publicised sector tailwinds, the Group executed well, gained share, strengthened its foundations, positioned itself for the transition to EV and displayed fundamental growth, all aided by its investment in the Click2Drive technology platform.\n \n \n The outlook will depend on the available supply of new vehicles and continuing consumer confidence. The Group's excellent financial position provides the resilience to overcome any economic slowdown and resources to continue to grow.\"\n \n \n \n FINANCIAL SUMMARY\n \n \n \n \n \n \n \n \n Years ended 28 February\n \n \n \n \n \n \n 2022\n \n \n \n \n \n \n 2021\n \n \n \n \n \n \n 2020\n \n \n \n \n \n \n \n Revenue\n \n \n \n \n £3,615.1m\n \n \n \n \n £2,547.7m\n \n \n \n \n £3,064.5m\n \n \n \n \n \n \n Adjusted1 profit before tax\n \n \n \n \n £80.7m\n \n \n \n \n £24.6m\n \n \n \n \n £23.0m\n \n \n \n \n \n \n Basic Adjusted1 EPS\n \n \n \n \n 17.92p\n \n \n \n \n 5.27p\n \n \n \n \n 4.99p\n \n \n \n \n \n \n Dividends per share\n \n \n \n \n 1.70p\n \n \n \n \n -\n \n \n \n \n 0.60p\n \n \n \n \n \n \n Net Cash / (Debt)2\n \n \n \n \n £16.2m\n \n \n \n \n (£4.5m)\n \n \n \n \n (£28.4m)\n \n \n \n \n \n \n \n \n \n \n \n \n HIGHLIGHTS\n \n \n \n ·\n Record trading results delivered with Adjusted1 profit before tax of £80.7m (FY21: £24.6m, FY20: £23.0m), on revenues of £3.6bn\n \n \n ·\n Vehicle sales volumes ahead of market trends in all areas on a like-for-like basis compared to FY20 (year ended 29 February 2020)\n \n \n ·\n Increased gross margin of 12.0% (FY21: 11.8%, FY20: 10.9%) reflects supply constraints and strong pricing disciplines\n \n \n ·\n Acquisitions successfully integrated and performing well\n \n \n ·\n Free Cash Flow of £44.2m in the Year and Net cash2 of £16...