Marshall Motor Holdings PLC Trading Update (4767H)
August 04 2021 - 2:00AM
UK Regulatory
TIDMMMH
RNS Number : 4767H
Marshall Motor Holdings PLC
04 August 2021
4 August 2021
MARSHALL MOTOR HOLDINGS PLC
("MMH" or the "Group")
Trading Update - significant increase to FY2021 expectations
Marshall Motor Holdings Plc, one of the UK's leading automotive
retail groups, provides the following trading update given a
significant increase in its full year expectations for 2021.
On 25 June 2021, the Group announced that it expected to deliver
underlying profit before tax for the full year well ahead of the
Group's historic record result. This performance has been
underpinned by a market which has benefited from positive tailwinds
since April, including unprecedented used vehicle value
appreciation and favourable demand-to-supply conditions for both
new and used vehicles.
Those tailwinds continued in July and the Group now has initial
visibility on the outlook for August and September.
There remains a high level of uncertainty over the second half
of 2021 and into 2022 given well documented vehicle supply issues,
an expected realignment of used vehicle values (the timing of which
is uncertain) and the continuing impact of the COVID-19 pandemic.
Given these uncertainties, there remains a range of possible
outcomes for the year, however, the Board now expects that
continuing underlying profit before tax for 2021 will be not less
than GBP40.0m. This figure is after the commitment to repay all
CJRS and non-essential retail sector grants received for this
financial year.
The Group will announce its interim results for the six months
ended 30 June 2021 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 116
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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