Business
Final results for the year ended 29 February 2020
Final results for the year ended 29 February 2020.
About this update from Vertu Motors Plc
[{"type":"text","content":"\n \n \n RNS Number : 7426O\n Vertu Motors PLC\n 03 June 2020\n \n \n \n 3 June 2020\n \n \n Vertu Motors plc (\"Vertu\", \"Group\")\n \n \n Final results for the year ended 29 February 2020\n \n \n \n \n \n \"Robust FY20, strong balance sheet, close relationships with Manufacturer partners, supportive banks and very motivated colleagues\"\n \n \n Vertu Motors plc, the automotive retailer with a network of 133 sales and aftersales outlets across the UK, announces its final results for the year ended 29 February 2020.\n \n Commenting on the results, Robert Forrester, Chief Executive Officer, said:\n \n \"The year to 29 February 2020 was robust for Vertu, but now the COVID-19 crisis and impact are clearly the focus. I have spent the best part of 20 years getting people into motor dealerships and the last two months effectively keeping them out. We entered the lockdown with a strong balance sheet, minimal use of used car stocking loans and excellent relationships with our banks, all of which means we have sufficient liquidity to weather this crisis. \n \n \n \n The health, welfare and safety of our colleagues and customers is of vital importance, and I would like to say how proud I am of the entire Vertu team which has responded rapidly and responsibly in this crisis\n \n , temporarily closing retail outlets quickly and safely and keeping vital service capability in the vast majority of Group outlets open for the vehicles of key workers and essential organisations. I would like to thank all our colleagues for their hard work and support at this time, and I want to do them and their hard work justice by making this announcement not just about COVID-19. \n \n \"Due to the progress made in FY20, our financial strength, omnichannel capabilities, trusted relationships with Manufacturers and strong team and culture, we will emerge from this crisis with an improved market share as the competitive landscape evolves and attractive consolidation opportunities emerge.\"\n \n OPERATIONAL AND OUTLOOK HIGHLIGHTS\n \n · Adjusted1 profit before tax of £23.5m in line with expectations, despite absorbing costs and losses of £0.7m in relation to recent acquisitions (2019: £23.7m)\n \n · 12 sales outlets added in year including the addition of 3 new franchise partners to the Group's portfolio\...