Marshall Motor Holdings PLC Statement regarding recent share price movement (7627M)
October 18 2016 - 2:00AM
UK Regulatory
TIDMMMH
RNS Number : 7627M
Marshall Motor Holdings PLC
18 October 2016
18 October 2016
MARSHALL MOTOR HOLDINGS PLC
("MMH" or the "Group")
Statement regarding recent share price movement
The Board of Marshall Motor Holdings Plc has noted the recent
movement in the Company's share price. Other than general
speculation surrounding the potential impact of Brexit on the UK
economy and the automotive sector in particular, the Board knows of
no reason for this movement.
Given this, the Company believes it is appropriate to provide an
update on trading since it released its interim results on 16
August 2016 and to reiterate that the Board's outlook for the full
year remains in line with its previous expectations. Specifically,
this full year outlook would represent a significant improvement in
earnings per share versus that achieved in the year ended 31
December 2015.
The Board's confidence in the full year outlook for 2016 is
underpinned by the following:
- Since 30 June 2016 the Group has, as expected, enjoyed
material growth in both revenue and profit driven by the
acquisitions of SG Smith and Ridgeway.
- The Group's like-for-like business has also enjoyed strong revenue growth over that period.
- During the important plate-change month of September, the
Group has experienced significant like-for-like new unit sales
growth, outperforming the wider UK market as reported by the SMMT.
Sales volumes in used cars during September have also shown
like-for-like growth.
- Aftersales revenues have also continued to show strong like-for-like growth.
The Company will release a pre-close trading update for the
financial year ending 31 December 2016 in January 2017.
This announcement contains inside information.
ENDS
For further information and enquiries please contact:
Marshall Motor Holdings plc c/o Hudson Sandler
Daksh Gupta, Group Chief Executive Tel: +44 (0) 20
7796 4133
Mark Raban, Chief Financial
Officer
Investec Bank plc (Financial Tel: +44 (0) 20
Adviser, NOMAD & Broker) 7597 4000
Christopher Baird
David Flin
David Anderson
Hudson Sandler Tel: +44 (0) 20
7796 4133
Nick Lyon
Alex Brennan
Bertie Berger
Notes to Editors
About Marshall Motor Holdings plc (www.mmhplc.com)
The Group's principal activities are the sale and repair of new
and used vehicles through Marshall Motor Group and the leasing of
vehicles through Marshall Leasing. Following the acquisition of
Ridgeway Garages (Newbury) Limited announced on 26 May 2016, the
Group's businesses have a total of 103 franchises covering 24
brands, operating from 89 sites across 25 counties in England. In
addition, the Group operates five trade parts specialists, seven
used car centres, four standalone body shops and one PDI
centre.
In May 2016 the Group was recognised by the Great Place to Work
Institute, being ranked the 19th best place to work in the UK
(large company category).
Cautionary statement
This announcement contains unaudited information based on
management accounts and forward-looking statements that are based
on current expectations or beliefs, as well as assumptions about
future events. These forward-looking statements can be identified
by the fact that they do not relate only to historical or current
facts and undue reliance should not be placed on any such
statements because they speak only as at the date of this document
and are subject to known and unknown risks and uncertainties and
can be affected by other factors that could cause actual results,
and the Group's plans and objectives, to differ materially from
those expressed or implied in the forward-looking statements. MMH
undertakes no obligation to revise or update any forward-looking
statement contained within this announcement, regardless of whether
those statements are affected as a result of new information,
future events or otherwise, save as required by law and
regulations.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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