MMH.L Share News (MMH)

(Alliance News) - Marshall Motor Holdings PLC on Tuesday reported a swing to loss during a lockdown-hit first half, but the auto dealer explained it outperformed the market during the six months and trading since June has been promising.

Revenue in the six months to June 30 was 24% lower year-on-year at GBP895.3 million from GBP1.18 billion. The motor retailer swung to a pretax loss of GBP10.7 million from a GBP14.8 million profit a year earlier.

Marshall Motor was forced to close all its sites on March 23, and they stayed shuttered until the start of June due to lockdown measures in the UK. The company estimated the closure cost it GBP26 million.

"Despite the significant challenges presented by Covid-19, the group has delivered a resilient first half performance and once again outperformed the market," Chief Executive Officer Daksh Gupta said.

Marshall Motor decided against a first-half payout, following a 2.85 pence per share dividend a year ago. The company previously cancelled its final 2019 payout but said it will consider its dividend policy at the time of its annual results in March 2021.

"The period following the reopening of showrooms in June has been encouraging with an improvement in like-for-like order take throughout June, July and the early part of August. Our key September order bank is also building well," Marshall Motor said.

Shares in the Cambridge-based company were 2.4% lower at 122.00p each in London on Tuesday morning.

By Eric Cunha; ericcunha@alliancenews.com

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