£m | FY 2023 | FY 2022 | % change |
---|---|---|---|
Revenue | 1,489.7 | 1,243.6 | 20% |
Revenue (exc. vehicle sales) | 1,336.9 | 1,093.6 | 22% |
Underlying EBIT (excluding disposals) | 137.7 | 117.8 | 17% |
Underlying EBIT | 189.2 | 167.9 | 13% |
Underlying PBT | 165.9 | 151.3 | 10% |
Underlying EPS | 55.6p | 50.8p | 10% |
Dividend Per Share | 24.0p | 21.0p | 14% |
Statutory PBT | 178.7 | 132.7 | 35% |
Statutory EPS | 60.3p | 41.3p | 46% |
Steady state cash generation | 191.5 | 216.4 | (12)% |
Free cash flow | 4.5 | 19.8 | (77)% |
Free cash flow (excluding growth capex) | 127.1 | 128.4 | (1)% |
Net debt (inc. IFRS16) | 694.4 | 582.5 | 19% |
Return on Capital Employed % | 14.1% | 13.9% | 0.2ppt |
£m | HY 2024 | HY 2023 | % change |
---|---|---|---|
Revenue | 911.3 | 696.3 | 31% |
Revenue (exc. vehicle sales) | 733.8 | 627.6 | 17% |
Underlying EBIT (exc. vehicle sales) | 80.3 | 68.7 | 17% |
Underlying EBIT | 115.0 | 93.4 | 23% |
Underlying PBT | 99.1 | 83.7 | 18% |
Underlying EPS | 33.4 | 28.1 | 19% |
Dividend per share | 8.3p | 7.5p | 11% |
Statutory EPS | 32.9 | 34.4 | (4%) |
Steady state cash generation | 81.4 | 121.2 | (33%) |
Net cash movement | (52.8) | (73.4) | (28%) |
Net debt (inc. IFRS16) | 755.0 | 661.3 | 14% |
Return on capital employed | 14.8% | 13.5% | 1.3ppt |
For H1 divisional figures, please see Interim statement in Reports & Presentations
£m | FY 2023 | FY 2022 | % change |
---|---|---|---|
Revenue – Vehicle hire | 367.7 | 346.6 | 6.1% |
Rental profit | 55.6 | 53.1 | 4.7% |
Rental margin | 15.1% | 15.3% | (0.2)ppt |
Disposal profit | 37.8 | 44.8 | (15.8)% |
EBIT | 93.4 | 98.0 | (4.7)% |
EBIT margin * | 25.4% | 28.3% | (2.9)ppt |
Vehicles sold ‘000 | 10.2 | 10.4 | (1.9)% |
PPU (£) | 3,700 | 4,300 | (13.6)% |
* EBIT margin calculated as EBIT divided by revenue (excluding vehicle sales)
£m | FY 2023 | FY 2022 | % change |
---|---|---|---|
Revenue – Vehicle hire | 252.7 | 220.6 | 14.6% |
Rental profit | 46.7 | 38.6 | 20.9% |
Rental margin | 18.5% | 17.5% | 1.0ppt |
Disposal profit | 13.7 | 5.3 | 160.7% |
EBIT | 60.4 | 43.9 | 37.7% |
EBIT margin * | 23.9% | 19.9% | 4.0ppt |
Vehicles sold ‘000 | 7.9 | 6.1 | 30.4% |
PPU (£) | 1,700 | 900 | 99.9% |
* EBIT margin calculated as EBIT divided by revenue (excluding vehicle sales)
£m | FY 2023 | FY 2022 | % change |
---|---|---|---|
Revenue – Claims and services | 738.9 | 543.7 | 35.9% |
Gross profit | 151.5 | 127.7 | 18.7% |
Gross margin | 20.5% | 23.5% | (3.0)ppt |
Operating profit | 44.5 | 31.8 | 40.1% |
Income from associates | 2.5 | 3.9 | (34.8)% |
EBIT | 47.0 | 35.6 | 32.0% |
EBIT margin * | 6.4% | 6.6% | (0.2)ppt |
* EBIT margin calculated as EBIT divided by revenue (excluding vehicle sales)
Year ended 30 April, £m | 2023 | 2022 | 2021 | 2020 | 2019 |
---|---|---|---|---|---|
Revenue – vehicle hire | 610.5 | 563.3 | 515.6 | 518.2 | 517.6 |
Revenue – claims and services | 726.4 | 530.3 | 364.1 | 67.4 | – |
Revenue – excluding vehicle sales | 1336.9 | 1093.6 | 879.7 | 585.6 | 517.6 |
Revenue – vehicle sales | 152.9 | 149.9 | 229.8 | 193.8 | 227.8 |
Revenue – total | 1489.7 | 1243.6 | 1109.5 | 779.3 | 745.5 |
Underlying EBIT (excluding disposals) | 137.7 | 117.8 | 69.6 | 64.3 | 59.0 |
Underlying EBIT | 189.2 | 167.9 | 109.8 | 74.8 | 76.2 |
Underlying Profit before Tax | 165.9 | 151.3 | 93.2 | 59.0 | 61.1 |
Underlying Earnings per Share | 55.6p | 50.8p | 31.0p | 30.8p | 38.7p |
Dividend per Share | 24.0p | 21.0p | 15.4p | 13.1p | 18.3p |
Statutory profit before Tax | 178.7 | 132.7 | 67.2 | 13.5 | 60.4 |
Statutory Earnings per Share | 60.3p | 41.3p | 26.6p | 5.0p | 38.6p |
EBITDA (underlying) | 412.2 | 366.7 | 302.3 | 283.8 | 268.4 |
Net Replacement Capex (including lease payments) | (220.7) | (150.4) | (162.3) | (196.9) | (201.3) |
Steady state cash flow generation | 191.5 | 216.4 | 140.1 | 86.9 | 67.1 |
Growth Capex | (122.6) | (108.6) | 19.1 | (16.8) | (42.6) |
Free cash flow | 4.5 | 19.8 | 97.8 | 21.6 | 20.5 |
Free cash flow (excluding growth capex) | 127.1 | 128.4 | 78.7 | 38.4 | 63.1 |
Net Debt | 694.4 | 582.5 | 530.3 | 575.9 | 436.9 |
Return of Capital Employed % | 14.1% | 13.9% | 9.5% | 7.0% | 7.7% |
Note: All results are underlying unless otherwise stated. Results include intercompany revenues. FY2019 are results for Northgate plc pre-merger. For accounting definitions, see the latest Annual Report. All figures on this website are correct as at end-April 2023, unless otherwise stated.
Impact of depreciation rate
£m | FY23 | FY24 | FY25 | FY26 | FY27 | Total |
---|---|---|---|---|---|---|
Reduced depreciation | 55.1 | 46.7 | 22.3 | 5.4 | 0.1 | 129.6 |
Reduced disposal profits | (8.6) | (34.0) | (50.6) | (31.8) | (4,6) | (129.6) |
Impact on Statutory EBIT | 46.5 | 12.7 | (28.3) | (26.4) | (4.5) | – |
Previously expected impact | 46.8 | (9.4) | (29.8) | (6.7) | (0.9) | – |
UK&I: | ||||||
Reduced depreciation | 45.4 | 28.2 | 12.6 | 2.9 | 0.1 | 89.2 |
Reduced disposal profits | (6.8) | (25.9) | (36.1) | (19.3) | (1.1) | (89.2) |
Impact on UK&I EBIT | 38.6 | 2.3 | (23.5) | (16.4) | (1.0) | – |
Spain: | ||||||
Reduced depreciation | 9.7 | 18.5 | 9.7 | 2.5 | – | 40.4 |
Reduced disposal profits | (1.8) | (8.1) | (14.5) | (12.5) | (3.5) | (40.4) |
Impact on Spain EBIT | 7.9 | 10.4 | (4.8) | (10.0) | (3.5) | – |
Key points
- Statutory adjustment re-phased on same vehicle cohort to reflect further fleet ageing
- Statutory PBT has increased by £45.9m in FY 2023 as depreciation is reduced on certain fleet purchased in previous periods
- This adjustment will reverse over the remaining holding period of the cohort as vehicles are sold with a higher NBV and therefore a lower PPU
- Newer vehicles will not be impacted by the change
Fleet reconciliation
Vehicles # | UK&I | Spain | Redde | Group |
---|---|---|---|---|
Opening owned fleet (Apr-22)* | 56,300 | 58,100 | 14,500 | 128,900 |
Purchases | 4,800 | 13,200 | 5,100 | 23,100 |
Disposals | (9,200) | (7,900) | (700) | (17,800) |
Transfers | 1,100 | (1,100) | ||
Movements on direct vehicles | 400 | 0 | 0 | 400 |
Movement on leased vehicles | 400 | 0 | 700 | 1,100 |
Closing fleet (Apr-23)* | 53,800 | 63,400 | 18,500 | 135,700 |
Closing owned fleet | 48,200 | 61,400 | 8,200 | 117,800 |
Closing leased fleet | 2,600 | 0 | 10,300 | 12,900 |
Closing total fleet (ex-sales stock) | ||||
Closing sales stock | 3,000 | 2,000 | 0 | 5,000 |
Purchases for growth | 0 | 5,300 | 4,400 | 9,700 |
Sales in contraction | (4,400) | 0 | 0 | (4,400) |
Growth in owned fleet for growth capex | (4,400) | 5,300 | 4,400 | 5,300 |
Purchases for replacement | 4,800 | 7,900 | 700 | 13,400 |
Replacement sales | (4,800) | (7,900) | (700) | (13,400) |
Net replacements | 0 | 0 | 0 | 0 |
** growth in owned fleet includes movement on sales stock & excludes vehicles held under leasing