Business
Unaudited interim results to 31 August 2020
Unaudited interim results to 31 August 2020.
About this update from Vertu Motors Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3013B\n Vertu Motors PLC\n 07 October 2020\n \n \n \n 7 October 2020\n \n \n Vertu Motors plc (\"Vertu\", \"Group\")\n \n \n Unaudited interim results for the six months ended 31 August 2020 \n \n \n Emerging strongly from the Lockdown\n \n \n Vertu Motors plc, the automotive retailer with a network of 135 sales and aftersales outlets across the UK, announces its interim results for the six months ended 31 August 2020 (\"the Period\").\n HIGHLIGHTS\n \n · The Group delivered Adjusted1 profit before tax of £4.7m with no exceptional items in the Period, on sales of £1.12bn, despite 10 weeks of closed sales showrooms:\n \n o Quarter one saw a loss of £14.3m due to the lockdown\n \n o Quarter two, in contrast, generated a profit of £19.0m, significantly in excess of the prior year period profit of £3.8m, emerging from lockdown with a very motivated team\n \n o Result aided by government support in the form of the furlough grant and business rates relief\n \n · Very strong cash flow performance - operating cash flow of £80.0m in the period and period end net cash2 of £36.5m\n \n · Net tangible assets per share of 46.5p (2019: 46.1p)\n \n · Delivered £10m of annualised cost savings\n \n · Significantly progressed technology advancements driving Group's omni-channel capabilities (with strong customer uptake) and higher colleague productivity levels\n \n · Record trading performance delivered in key month of September\n \n · The result for the 7 months to September 2020 gives the board confidence that a strong financial outcome will be delivered in the full financial year\n \n · Group well positioned to benefit from continued consolidation\n \n \n \n 1\n \n Adjusted to remove share-based payments and amortisation of intangible assets\n \n \n \n 2\n \n Excludes IFRS 16 liabilities and is net of used vehicle stocking loans\n \n \n \n \nSix months ended 31 August 2020: TotalLike-for-likeSMMT Registrations Q1 FY21Q2 FY21H1 FY21Q1 FY21Q2 FY21H1 FY21Q1 FY21Q2 FY21 % Var to Q1 FY20% Var to Q2 FY20% Var to H1 FY20% Var to Q1 FY20% Var to Q2 FY20% VarTo H1 FY20% Var to Q1 FY20% Var to Q2 FY20 Group Revenues(64.2%)9.3%(32.0%)(65.4%)4.8%(34.7%) Service Revenues3(56.3%)15.9%(21.7%)(58.1%)...