Marshall Motor Holdings Plc, one of the UK's leading automotive retail groups, issues the following trading update in response to better than anticipated trading during October 2018 and a more positive outlook for the remainder of the current financial year.
As previously announced on 11 October 2018, the introduction of the new Worldwide Harmonised Light Vehicle Test Procedure (“WLTP”) had a significant impact on the UK new vehicle market during September 2018 which was expected to continue for the remainder of the year. Whilst the resultant new car supply imbalance is continuing, growth in our used car volumes and margins given supply constraints in the new car market, combined with further revenue growth achieved in aftersales, has given us more confidence over the expected outcome for the year.
As a result, the Board now expects continuing underlying profit before tax for the year ending 31 December 2018 to be ahead of the Group's record results reported last year.
The results for the year ending 31 December 2018 are due to be released on 13 March 2019.