Vertu Motors PLC paid an interim dividend of £2,327,000 (0.65p per share) in respect of the year ended 28 February 2022 was paid in January 2022.
A final dividend of 1.05p per share is to be proposed at the Annual General Meeting on 22 June 2022. The ex-dividend date will be 30 June 2022 and the associated record date 1 July 2022. The dividend will be paid, subject to shareholder approval, on 29 July 2022 and these financial statements do not reflect this final dividend payable.
Other financial highlights include:
Record trading results delivered with Adjusted profit before tax of £80.7m (FY21: £24.6m, FY20: £23.0m), on revenues of £3.6bn
Vehicle sales volumes ahead of market trends in all areas on a like-for-like basis compared to FY20 (year ended 29 February 2020)
Increased gross margin of 12.0% (FY21: 11.8%, FY20: 10.9%) reflects supply constraints and strong pricing disciplines
Acquisitions successfully integrated and performing well
Free Cash Flow of £44.2m in the Year and Net cash of £16.2m as at 28 February 2022 (FY21 Net debt: £4.5m)
Underlying corporation Tax charge of £16.1m (FY21: £5.2m)
Net tangible assets per share of 66.8p (FY21: 50.2p) reflecting strong asset base, net cash position and cashflow generation
11.6m shares repurchased at a value of £7.1m since 20 August 2021, buyback programme continues