18 Oct 2016 07:00
18 October 2016
MARSHALL MOTOR HOLDINGS PLC
("MMH" or the "Group")
Statement regarding recent share price movement
The Board of Marshall Motor Holdings Plc has noted the recent movement in the Company's share price. Other than general speculation surrounding the potential impact of Brexit on the UK economy and the automotive sector in particular, the Board knows of no reason for this movement.
Given this, the Company believes it is appropriate to provide an update on trading since it released its interim results on 16 August 2016 and to reiterate that the Board's outlook for the full year remains in line with its previous expectations. Specifically, this full year outlook would represent a significant improvement in earnings per share versus that achieved in the year ended 31 December 2015.
The Board's confidence in the full year outlook for 2016 is underpinned by the following:
- Since 30 June 2016 the Group has, as expected, enjoyed material growth in both revenue and profit driven by the acquisitions of SG Smith and Ridgeway.
- The Group's like-for-like business has also enjoyed strong revenue growth over that period.
- During the important plate-change month of September, the Group has experienced significant like-for-like new unit sales growth, outperforming the wider UK market as reported by the SMMT. Sales volumes in used cars during September have also shown like-for-like growth.
- Aftersales revenues have also continued to show strong like-for-like growth.
The Company will release a pre-close trading update for the financial year ending 31 December 2016 in January 2017.
This announcement contains inside information.
ENDS
For further information and enquiries please contact:
Marshall Motor Holdings plc | c/o Hudson Sandler |
Daksh Gupta, Group Chief Executive | Tel: +44 (0) 20 7796 4133 |
Mark Raban, Chief Financial Officer
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Investec Bank plc (Financial Adviser, NOMAD & Broker) | Tel: +44 (0) 20 7597 4000 |
Christopher Baird |
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David Flin |
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David Anderson
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Hudson Sandler | Tel: +44 (0) 20 7796 4133 |
Nick Lyon Alex Brennan |
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Bertie Berger |
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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 through Marshall Motor Group and the leasing of vehicles through Marshall Leasing. Following the acquisition of Ridgeway Garages (Newbury) Limited announced on 26 May 2016, the Group's businesses have a total of 103 franchises covering 24 brands, operating from 89 sites across 25 counties in England. In addition, the Group operates five trade parts specialists, seven used car centres, four standalone body shops and one PDI centre.
In May 2016 the Group was recognised by the Great Place to Work Institute, being ranked the 19th best place to work in the UK (large company category).
Cautionary statement
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 and undue reliance should not be placed on any such statements because they speak only as at the date of this document and 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. MMH 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.