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Vertu Motors PLC - Gateshead, England-based car dealership - Revenue for the financial year ended February 28 rises 42% to £3.62 billion from £2.55 billion the year before. Says it executed ‘exceptionally’ well in the year, with used car sales jumping 56% to £1.58 billion from £1.01 billion and gross profit from this division soaring 64% to £154.4 million from £93.9 million. ‘The used vehicle market in the UK, has seen unprecedented market dynamics throughout the year...Constrained supply of used vehicles has consequently been apparent driving increased vehicle prices and margins and leading to record used vehicle profitability,’ company says.
Pretax profit jumps to £78.8 million from £22.4 million. Adjusted pretax profit is record £80.7 million, surging from £24.6 million the year before.
Post year-end, says it delivers strong trading performance in March and April with trading profit of £19.1 million, flat on a year before. ‘The board believes that the group is strategically very well placed to capitalise on the challenges and opportunities in the UK automotive retail sector and remains confident in the prospects for the group,’ it says.
To pay total dividend of 1.70 pence for the year, after no payout for the 2021 financial year.
Current stock price: 53.00 pence, up 10% in London on Wednesday
12-month change: up 18%
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