The results for the year to 28 February released today were slightly up on market expectations for Adjusted PBT. Revenue was lower than our estimate (£4,833.8m vs £5,133.8m), driven mainly by subdued new vehicle sales, while the key figure of adjusted profit before tax at £24.5m was ahead of our estimate of £23.4m. Net debt (pre-leases) was £61.3m, slightly better than the £63.2m we had estimated. Vertu has seen an encouraging start of trading in FY27, with management confirming expectations for the year.