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 £40.0m. 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.