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Vertu Motors saw significant rises in revenue and profitability for the year-ended 28 February 2014.
In the group’s full year results revenue rose 33.8% to £1.7bn with profit before tax up 260% to £15.8m.
CEO Robert Forrester described the results as “transformational” for the group which is rated number eight in the Motor Trader Top 200.
The group has undergone significant growth in the last 12 months with its franchised car outlets rising from 90 to 104 outlets with notable new franchises including Volkswagen (five sites), Land Rover (four sites) and Jaguar (one site).
“This has been a transformational year for the group during which we have expanded significantly and sustainably, gained our first major premium franchise [Jaguar] and developed scaled operations with both Land Rover and Volkswagen, and delivered record profits at every level. This growth has been driven by both like-for-like growth from our core business and acquisition.”
Vertu Motors Year Ended 28 February 2014
|
Year ended |
Year ended
|
% |
|
| Revenue |
£1,684.5m |
£1,259.3m |
33.8% |
| Adjusted EBITDA* |
£23.6m |
£13.3m |
77.4% |
| Adjusted operating profit* |
£17.9m |
£9.1m |
96.7% |
| Adjusted profit before tax* |
£17.5m |
£8.1m |
116.0% |
| Adjusted earnings per share* |
4.69p |
3.15p |
48.9% |
| EBITDA |
£22.2m |
£9.6m |
131.3% |
| Operating profit |
£16.2m |
£5.1m |
217.6% |
| Exceptional charges |
(£1.2m) |
(£3.3m) |
63.6% |
| Profit before tax |
£15.8m |
£4.4m |
259.1% |
| Earnings per share |
4.15p |
1.70p |
144.1% |
| Operating cash inflow |
£47.4m |
£13.0m |
264.6% |
| Net cash (debt) |
£31.4m |
(£6.2m) |
606.5% |
| Net assets per share |
48.5p |
53.3p |
-9.0% |
| Tangible net assets per share |
36.9p |
43.7p |
-15.6% |
| Dividend per share |
0.8p |
0.7p |
14.3% |
* adjusted for exceptional charges, amortisation of intangible assets and share based payments charge