17 October 2012 – interim results
Vertu Motors has revealed impressive interim results for the six months to 31 August. Revenue rose to £628.1m (2011: £547.0m) and adjusted profit before tax was up 16.3% to £5.0m (2011: £4.3m). Adjusted earnings per share were 1.91p (2011: 1.95p) reflecting a higher tax rate. An interim dividend of 0.25p per share (2011: 0.20p) was declared.
Operational cash flow has continued to be very strong and this feature, combined with the fact that tangible net assets per share have edged up to 42.4p, mean that the shares continue to look good value. We maintain our BUY rating.