The Lemon Fool

Final results out and very pleasing too coming in ahead of market expectations.

https://www.investegate.co.uk/vertu-mot ... 00032969Y/

Shares still look cheap on a p/e basis, as well as having good asset backing. Demand appears to be strong particularly in servicing etc. as many will have postponed servicing etc in lockdown. Second hand car sales also benefiting from demand as commuters appear to be switching away from "unsafe" public transport.

Disc. long.

Trading Update

https://www.investegate.co.uk/vertu-mot ... 00058105G/

" ... upgrade to the full year outlook."

"Exceptional UK used car market conditions have resulted in the Group experiencing strong gross margin retention, which has had a material positive impact on profitability and cash flow..."

Shares up 7% on the open.

Another Trading Update

https://www.investegate.co.uk/vertu-mot ... 00082443J/

"... the Group expects that it will deliver an adjusted profit before tax of no less than £50m in the six months to 31 August 2021" being an above market expectations result based on "...The Board remains cautiously optimistic and is upgrading the estimate for profit before tax for the current financial year to be in the range of £50m to £55m (previously £40m to £45m)."

For those to whom it is important you also get "...As a result of the strong performance seen in the financial year to date, the Board intends to re-establish the payment of dividends to shareholders upon finalisation of the interim results."

For those more concerned with appropriate Capital considerations of the underlying company, and who prefer a perhaps less tax onerous form of return you get

https://www.investegate.co.uk/vertu-mot ... 01042444J/

"The share price of the Company for some time has traded at a discount to the tangible net asset value and in the opinion of the Board below the intrinsic value of the business. As the Company has a low level of debt and is considerably cash generative, the Board considers it appropriate to allocate some capital to buy back shares..."

Share price up 8% on the day, a 5 year high.

dealtn wrote:Another Trading Update

https://www.investegate.co.uk/vertu-mot ... 00082443J/

"... the Group expects that it will deliver an adjusted profit before tax of no less than £50m in the six months to 31 August 2021" being an above market expectations result based on "...The Board remains cautiously optimistic and is upgrading the estimate for profit before tax for the current financial year to be in the range of £50m to £55m (previously £40m to £45m)."

For those to whom it is important you also get "...As a result of the strong performance seen in the financial year to date, the Board intends to re-establish the payment of dividends to shareholders upon finalisation of the interim results."

For those more concerned with appropriate Capital considerations of the underlying company, and who prefer a perhaps less tax onerous form of return you get

https://www.investegate.co.uk/vertu-mot ... 01042444J/

"The share price of the Company for some time has traded at a discount to the tangible net asset value and in the opinion of the Board below the intrinsic value of the business. As the Company has a low level of debt and is considerably cash generative, the Board considers it appropriate to allocate some capital to buy back shares..."

Share price up 8% on the day, a 5 year high.

As I have mentioned elsewhere, I find targeting shareholder returns like this morally bankrupt, given they have declared they have no intention of returning the £27.8m of furlough money they took from taxpayers. If you believe estimates, it seems they will also pay out approx. £7m of dividends next year. Then again, I'm not sure why the wider taxpayer should expect any less dubious behaviour from second hand car salesmen...

All the best, Si

Interim Results out.

https://www.investegate.co.uk/vertu-mot ... 00078628O/

"Record results delivered above market expectations, dividends resumed" is the headline.

Consolidation in the industry with a takeover announcement at Marshall Motor Holdings at significant premium.

https://www.investegate.co.uk/constella ... 00078034T/

Further upgrade for full year trading performance!

https://www.investegate.co.uk/vertu-mot ... 00060548V/

RNS of small acquisition of additional dealership

https://www.investegate.co.uk/vertu-mot ... 00083588V/