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Vertu Motors fiscal H2 profit falls YOY

Vertu Motors PLC said its normalized net income for the fiscal second half ended Feb. 28 was 1 Great British pence per share, a decline from 2 pence per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £5.1 million, a decrease from £5.3 million in the prior-year period.

Total revenue climbed 17.0% year over year to £991.1 million from £847.4 million, and total operating expenses increased 17.1% year over year to £982.3 million from £838.9 million.

Reported net income increased 12.5% on an annual basis to £6.4 million, or 2 pence per share, from £5.7 million, or 2 pence per share.

For the year, the company's normalized net income totaled 4 pence per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 5 pence.

EPS rose 7.9% from 4 pence in the prior year.

Normalized net income was £13.1 million, an increase of 23.4% from £10.6 million in the prior year.

Full-year total revenue increased 23.2% on an annual basis to £2.07 billion from £1.68 billion, and total operating expenses grew 23.2% on an annual basis to £2.05 billion from £1.67 billion.

The company said reported net income grew 33.0% on an annual basis to £16.5 million, or 5 pence per share, in the full year, from £12.4 million, or 4 pence per share.