Vertu Motors: Responding To Auto Market Challenge
Edison | May 15, 2017 06:24AM ET
Vertu Motors (LON:VTU) has produced another solid set of figures, supported by a series of key investments to strengthen the medium-term outlook. Trading in the new car market has become more challenging, but the key used car and aftermarket operations continue to progress consistently.
Another good year
Vertu’s FY17 results are at the upper end of market expectations, showing revenue up by 16.5% to £2.82bn and adjusted PBT by 15.0% to £31.5m; dilution from a £35m (gross) equity fund-raising restricted the rise in adjusted diluted EPS to just 1.9%. The dividend was lifted by 7.7% to 1.4p. While UK new car registrations were at record levels, trading conditions became more challenging from Q1 onwards, especially following the Brexit vote, which led to weaker sterling and rising new car prices. The group’s key used car and aftermarket operations (71.5% of gross profit) performed impressively, delivering a 20% increase in profits.
To read the entire report please click on the pdf file below
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.