Marshall Motor Holdings PLC Trading Update (4767H)

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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: [phone] 
                                                4133 
 Richard Blumberger, Chief Financial Officer 
 Investec Bank plc (Financial Adviser,         Tel: [phone] 
  NOMAD & Broker)                               5970 
 Christopher Baird 
 David Anderson 
 Hudson Sandler                                Tel: [phone] 
                                                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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August 04, 2021 02:00 ET (06:00 GMT)