Vertu Motors Plc announce an interim dividend of 0.85p per share (H2 FY23: 0.70p) in respect of FY24 will be paid on 19 January 2024. The ex-dividend date will be 14 December 2023 and the associated record date 15 December 2023.
Other financial highlights include:
Delivery of strategy to grow a scaled franchised dealership group exhibited with successful integration of the significant Helston acquisition
Revenues grew over 20% to record levels aided by acquisitions and growth in the Core Group
Core Group gross profit increased £11.9m in the Period
Adjusted1 profit before tax up 11.7% to £31.5m (H1 FY23: £28.2m)
Gross margin of 11.0% (H1 FY23: 11.2%) achieved, with an increase in used vehicle gross profit per unit compared to H2 FY23
Free Cash Flow reflects targeted investment in used vehicle inventory to drive market share in H2: Capex forecast for full year reduced by £10.2m
Net tangible assets per share of 70.9p (28 February 2023: 65.3p) reflecting strong asset base
Bristol Street Motors remains the highest-ranking franchised dealership brand in England for prompted brand awareness
7.7m shares (representing 2.2% of share capital in issue on 1 March 2023) repurchased at a cost of £5.0m since 1 March 2023: buyback continues with 14% of issued shares repurchased over the last seven years
Low gearing ratio of 25.5% with strong freehold asset base
