Marshall Motor Holdings PLC Pre Close Trading Update (0772D)
June 25 2021 - 2:00AM
UK Regulatory
TIDMMMH
RNS Number : 0772D
Marshall Motor Holdings PLC
25 June 2021
25 June 2021
MARSHALL MOTOR HOLDINGS PLC
("MMH" or the "Group")
Unscheduled Trading Update - Record Results anticipated for
2021
Marshall Motor Holdings Plc, one of the UK's leading automotive
retail groups, today provides the following unscheduled trading
update given significant upgrades to both first half and full year
expectations for 2021.
The market has continued to benefit from positive tailwinds,
including a recent unprecedented used vehicle value appreciation
and favourable demand-to-supply conditions for both new and used
vehicles. In addition, the Group has continued its strong
outperformance of the wider new and used vehicle markets.
As a result, the Group expects to report an exceptionally strong
first half performance in both profit and cash generation when it
issues its interim results on 10 August 2021.
There remains a high level of uncertainty over the second half
of 2021, and possibly longer, given the potentially significant
impacts of new vehicle supply issues as a result of a
well-documented worldwide shortage of semi-conductors, a
realignment of used vehicle values and the continuing impact of the
COVID-19 pandemic. To date, supply issues have had limited impact
on the Group's sales volumes, however supply in both new and used
vehicles has tightened and there are signs that these issues will
become more acute in the second half of the year and maybe
beyond.
As a result, there are a wide range of possible outcomes for the
Group's full year results. Despite having committed to repay
GBP4.0m of Government support, as previously announced, the Board
now expects that continuing underlying profit before tax in 2021 is
likely to be significantly ahead of current market expectations and
well ahead of the Group's historic record result.
As previously stated, the Board understands the importance of
dividends to shareholders and intends to resume the payment of
dividends as soon as possible. It will consider the position next
at the time of the release of its interim results on 10 August
2021.
ENDS
For further information and enquiries please contact:
Marshall Motor Holdings plc c/o Hudson Sandler
Daksh Gupta, Chief Executive Officer Tel: +44 (0) 20 7796
4133
Richard Blumberger, Chief Financial Officer
Investec Bank plc (Financial Adviser, Tel: +44 (0) 20 7597
NOMAD & Broker) 5970
Christopher Baird
David Anderson
Hudson Sandler Tel: +44 (0) 20 7796
4133
Nick Lyon
Bertie Berger
Nick Moore
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. The Group's businesses have a total of 115
franchises covering 22 brands, across 29 counties in England. In
addition, the Group operates six trade parts specialists, two used
car centres, six standalone body shops and one pre delivery
inspection centre.
In April 2021 the Group was recognised by the Great Place to
Work Institute, being ranked the 12(th) best place to work in the
UK (super large company category). This was the eleventh year in
succession that the Group has achieved Great Place to Work
status.
LEI number: 213800BP3HZWHDWXAY78
This announcement contains inside information. The person
responsible for arranging the release of this announcement on
behalf of the Group is Stephen Jones, Group Counsel and Company
Secretary.
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. Forward-looking statements often use words such as
anticipate, target, expect, estimate, intend, plan, goal, believe,
will, may, should, would, could, is confident, or other words of
similar meaning. Undue reliance should not be placed on any such
statements because they speak only as at the date of this document
and, by their very nature, they 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. There are a number of factors which
could cause actual results to differ materially from those
expressed or implied in forward-looking statements. The Group
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.
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END
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