Vertu Motors PLC - Gateshead, England-based car dealership chain - Launches new GBP3.0 million share buyback and extends the term of an existing buyback to allow the remaining GBP1.0 million in shares of the previous GBP6.0 million programme to be purchased. This will bring total buybacks since May to GBP9.0 million. The buybacks will be conducted by Zeus Capital Ltd using existing Vertu cash resources and will be completed by February 29 next year. The repurchased shares will be cancelled.
The announcement comes after Vertu last week reported a 12% increase in pretax profit to GBP30.1 million in the half-year that ended August 31 from GBP26.9 million a year before, as revenue rose by 21% to GBP2.42 billion from GBP2.00 billion, thanks to an acquisition. It hiked its interim dividend by 21% to 0.85 pence from 0.70p.
Current stock price: 71.83 pence for GBP245.1 million market capitalisation
12-month change: up 64%
By Tom Waite, Alliance News editor
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Vertu (VTU)