9 May 2018 – final results

Results for the year ended 28 February 2018 have been released.  Revenue was down marginally at £2,796.1m (2017: £2,822.6m).  Adjusted profit before tax was £28.6m (2017: £31.5m), down due to a tougher trading environment.  There were exceptional property profits of £3.5m, which as pointed out by the company provides evidence of value in the freehold and long leasehold portfolio.  Vertu Motors boasts a strong balance sheet with net cash of £19.3m (2017: £21.0m).  Tangible net assets were £174.3m (2017: £156.1m) with tangible net assets per share up 14.9% at 45.4p (2017 : 39.5p).  A final dividend of 0.95p per share takes the total for the year to 1.5p (2017: 1.4p).  The company is confident with regards to prospects for the year ahead and continues to evaluate acquisition growth opportunities.  We believe the shares are fundamentally undervalued and keep our BUY rating.