Vertu Motors Plc announce an interim dividend of 0.90p per share was paid in January 2025. The Board recommends a final dividend in respect of the year ended 28 February 2025 of 1.15p per share to be approved at the Annual General Meeting on 25 June 2025. This dividend will be paid, subject to shareholder approval, on 25 July 2025. The ex-dividend date will be 26 June 2025 and the associated record date 27 June 2025. This final dividend brings the total dividend in respect of FY25 to 2.05p per share (FY24: 2.35p).
Other financial highlights include:
Adjusted profit before tax of £29.3m (FY24: £34.7m), in line with current market expectations. Profits reduced year-on-year due to a weak new car retail market in the UK and pressures arising from the Government Zero Emission Vehicle ('ZEV') mandate. The Group outperformed the UK new retail market gaining market share including Battery Electric Vehicle ('BEV') retail sales.
£10m annualised additional cost from April 2025, arising from Autumn Budget, fully offset by cost reduction actions completed during the Year.
Aftersales delivered a strong performance, with like-for-like revenue up 5.8% and gross profit up £12.3m in the Core Group compared to FY24.
Used gross margin grew to 7.1% (FY24: 6.8%) in the Core Group, with margin expansion below expectations due to reduced consumer confidence.
Significant £45.8m cash inflow from working capital delivered in second half, driving strong year-end cash position.
Active portfolio management with disposal of £5.6m of non-core assets at aggregate £1.1m premium to book value and addition of new Chinese OEM outlets.
Net debt of £66.6m as at 28 February 2025, lower than market expectations (FY24: Net debt: £54.0m).
Net tangible assets per share of 72.9p (FY24: 70.5p).
£4.8m returned to shareholders via repurchase of 7.5m shares during the Year.
