Vertu Motors has announced its final results for the year ended 29 February 2024, this includes an on record revenue figure of £4.7 billion.
Profit was in line with current market expectations. Profit before tax rose 6.5% to 34.6m from £32.5m. Vertu financial results revealed adjusted profit before tax of £37.8m (FY23: £39.3m), on record revenues of £4.7 billion.
Robert Forrester, Vertu Motors’ CEO, said: “It was pleasing to see the Group successfully navigating a difficult period of trading with declining used car values in the last few months of 2023.
“Used vehicle prices and margins have now stabilised and there has been strong cash generation from lower working capital reducing net debt below market expectations. During the year, record revenues of £4.72 billion were achieved.
The financial results suggest Vertu is well positioned with stable management and a strong balance sheet.
£7.5m returned to shareholders via repurchase of 11.3m shares during the year.
A share buyback approval for the potential purchase of shares for up to £3m is in place for the new financial year.
Vertu expects cash proceeds from disposal of properties of £10.6m in FY25, around £2.6m in excess of book value.
Forrester said: “Moving to the new financial year, March and April 2024 were successful months. The Group delivered new retail like-for-like sales volumes ahead of the market decline in March and April. This demonstrates the robustness and strength of the Group’s operations.
“The Group remains focused and thoughtful around capital allocation.”
