Vertu Motors

VTU · AIM · Retail · mcap £256m · 84.8p

Vertu Motors is a UK motor retailer running around 190 car and van sales and aftersales outlets under the Vertu brand. It sells new and used vehicles and services them, and is adding Chinese car brands.

Target	Promise	Said	Status
2024
FY24	Reduce FY24 capex forecast by £10.2m to invest in used vehicle inventory.	4 Oct 2023	⏱ Overdue – no update
	“Capex forecast for full year reduced by £10.2m” Status so far The deadline has passed; no announcement since says whether it was met. We check again as new reports come in.
FY24	Spend £3.0m on further green technology installations in the remainder of FY24.	4 Oct 2023	⏱ Overdue – no update
	“remaining £3.0m planned for further such installations in the remainder of FY24” Status so far The deadline has passed; no announcement since says whether it was met. We check again as new reports come in.
FY24	Deliver FY24 adjusted profit before tax broadly in line with consensus.	4 Mar 2024	✓ Kept
	“Full year FY24 adjusted profit before tax expected to be broadly in-line with current consensus.” Result FY24 adjusted profit £37.8m, reported in line with expectations. 15 May 2024 · Final Results
FY24	Year-end FY24 net debt of £60m-£65m.	4 Mar 2024	✓ Kept
	“Year-end net debt expected to be reduced ahead of market expectations to between £60m-£65m” Result Net debt at year end was £54.0m, better than the guided range. “Net debt2 of £54.0m as at 29 February 2024, lower than market expectations (FY23: Net debt: £75.3m).”15 May 2024 · Final Results
2025
FY25	Receive £10.6m cash from surplus property disposals in FY25.	4 Mar 2024	◐ Partly kept
	“In FY25 cash proceeds from disposal of properties of £10.6m are anticipated” Also stated 15 May 2024 Status so far Glasgow land disposal was deferred, then completion planned for March 2026, and still delayed in May 2026. “In FY25 cash proceeds from disposal of properties of £10.6m are anticipated, approximately £2.6m in excess of book value.”15 May 2024 · Final Results “The Group previously disclosed that cash receipts of over £10m were anticipated in FY25 from surplus property disposals. The largest of these property disposals in Glasgow has been subject to renegotiation, due to the prospective implementation of rent control legislation in Scotland, such that £2.7m of the anticipated proceeds have now been deferred for approx. 2 years until completion of the build project.”2 Sep 2024 · Trading Update
FY25	Buy back up to £3m of shares in FY25.	15 May 2024	✓ Kept
	“A share buyback approval for the potential purchase of shares for up to £3m has been put in place for the new financial year” Result £2.4m repurchased by October 2024, then a further £3m programme announced. “In the financial year to date, the Group has continued to buy back shares, repurchasing approximately 3.3m shares, representing 1.0% of opening shares in issue, for a total cost of £2.4m.”16 Oct 2024 · Share Buyback Programme “The Board has agreed a further £3m share buyback programme for deployment once the current remaining authority of £0.6m is utilised”16 Oct 2024 · Share Buyback Programme
FY25	FY25 full year results in line with market expectations.	25 Jun 2024	✗ Missed · target changed
	“The Board anticipates that full year results for FY25 will be in line with current market expectations.” Also stated 16 Oct 2024 Result February 2025 warning: FY25 adjusted profit significantly below expectations; actual £29.3m, down from £34.7m. “Current Stifel estimate of PBT adjusted £34.5m (6 December 2024)”6 Feb 2025 · Trading Statement
H2 FY25	H2 FY25 performance to improve on prior year.	2 Sep 2024	✗ Missed
	“Profitability in H2 is expected to improve over prior year levels due to a stronger used car market and enhanced used vehicle trade values.” Also stated 16 Oct 2024 Result FY25 adjusted profit £29.3m versus £34.7m, with a February 2025 warning of a significant shortfall. 14 May 2025 · Final Results
1 Apr 2025	Fully offset £10m Autumn Budget cost increase through cost actions.	6 Feb 2025	✓ Kept
	“£10m annualised additional cost from April 2025, arising from Autumn Budget, fully offset by cost reduction actions completed during the Year.” Also stated 14 May 2025 Result May 2025 results confirm the £10m was fully offset by actions completed during the year. “£10m annualised additional cost from April 2025, arising from Autumn Budget, fully offset by cost reduction actions completed during the Year.”14 May 2025 · Final Results
30 Apr 2025	All UK outlets trading under the Vertu brand by end of April 2025.	16 Oct 2024	⏱ Overdue – no update
	“all Group dealerships will operate under the Vertu brand by April 2025” Also stated 6 Feb 2025 Result The deadline has passed; no announcement since says whether it was met. We check again as new reports come in.
1 Nov 2025	Open three new BYD sales outlets by 1 November 2025.	4 Sep 2025	⏱ Overdue – no update
	“opening of three new BYD sales outlets by 1 November” Result The deadline has passed; no announcement since says whether it was met. We check again as new reports come in.
2026
28 Feb 2026	Complete the £12m buyback programme by 28 February 2026.	6 Feb 2025	✓ Kept
	“A £12m share buyback programme was announced in February 2025 and to 30 April 2025, £2.2m of this programme has been utilised in the purchase of 4.2m shares, leaving £9.8m to deploy.” Also stated 14 May 2025 Result £6.5m deployed by September 2025; a further £12m programme was announced in March 2026, implying the first was completed. “Further to the £12 million share buyback programme announced on 6 February 2025 (the "Buyback Programme") of which £6.5 million has been deployed to date”8 Sep 2025 · Management of share buyback & notice of HY results “The Board announces that it has agreed a further £12m share buyback programme (the "Buyback Programme"). This reflects the Board's intention to increase capital allocation to buybacks.”5 Mar 2026 · Share Buyback Programme
FY26	FY26 results in line with market expectations.	25 Jun 2025	✓ Kept
	“The Board anticipates that full year results for FY26 will be in line with current market expectations.” Result FY26 adjusted profit £24.5m, slightly ahead of expectations. “Adjusted1 profit before tax of £24.5m ahead of market expectations3 delivered despite weak new vehicle markets due to the Government's Zero Emission Mandate (ZEV) and related margin pressure.”13 May 2026 · Final Results
Today · 15 Oct 2026
2026 AGM	Seek renewal at the 2026 AGM of authority to buy back up to about 10% of shares.	5 Mar 2026	… In progress
	“Company intends to seek a renewal of the general authority to purchase Ordinary Shares at the 2026 AGM for up to approximately 10% of the issued share capital” Status so far Not yet due.
2027
FY27	Deliver £10m annualised cost savings ahead of FY27.	5 Mar 2026	… In progress
	“Further cost efficiency programme with £10m annualised cost savings delivered ahead of FY27.” Status so far Not yet due.
FY27	FY27 full year results ahead of market expectations.	24 Jun 2026	… In progress
	“full year results for FY27 will be ahead of current market expectations” Status so far Not yet due.
2027-07	Open a further 11 Chinese brand outlets within nine months of October 2026.	13 May 2026	… In progress
	“The Group will open a further 11 Chinese outlets in the next nine months to augment the existing 20 Chinese brand outlets” Also stated 27 Aug 2026 · 14 Oct 2026 Status so far Not yet due.