9 Jul 2015 07:00
9 July 2015
MARSHALL MOTOR HOLDINGS PLC
("MMH" or the "Group")
Trading Update and Notice of Interim Results
Trading in line with expectations
Marshall Motor Holdings plc, one of the UK's leading automotive retail and leasing groups, issues the following trading update ahead of the release on 18 August 2015 of its interim results for the six months ending 30 June 2015 (the "Period").
During the Period trading in the Group's retail and leasing divisions was ahead of the comparable period last year. This was partly offset, as anticipated, by an increase in central costs (including additional costs related to our new public company status).
Based on current market conditions, the Board's outlook for the full year remains in line with our expectations.
Divisional Performance
The Group's retail division has shown good growth in both revenue and profitability, driven by a combination of contributions from recently acquired businesses and like-for-like improvements.
The Group's fully integrated leasing division continues to perform well, showing strong growth in profitability.
Financial Position
The Group's financial position is strong. The net proceeds of the IPO, together with the Group's £75m revolving credit facility, which is currently undrawn, provide significant resources to fund further organic and acquisition-driven growth.
Interim Results
The Group will publish its interim results for the six months ended 30 June 2015 on 18 August 2015.
For further information and enquiries please contact:
Marshall Motor Holdings plc | c/o Hudson Sandler Tel: +44 (0) 20 7796 4133 |
Daksh Gupta, Group Chief Executive | |
Mark Raban, CFO | |
Investec Bank plc (NOMAD & Broker) | Tel: +44 (0) 20 7597 4000 |
Christopher Baird | |
David Flin | |
David Anderson | |
Hudson Sandler | Tel: +44 (0) 20 7796 4133 |
Nick Lyon | |
Alex Brennan |
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 Motors and the leasing of vehicles through Marshall Leasing. The Group's businesses are integrated and include a total of 71 franchises covering 24 brands, operating from 63 sites across 16 counties in England.
MMH is the only franchised dealer group in the UK to represent all of the top 5 prestige vehicle manufacturer brands (being Audi, BMW, Mercedes-Benz, Land Rover and Jaguar) and all of the top 10 volume vehicle manufacturer brands (being Ford, Vauxhall, Volkswagen, Nissan, Peugeot, Toyota, Citroen, Hyundai, Kia and Skoda). Its diverse portfolio means it represents manufacturer brands accounting for around 88% of all new vehicle sales in the UK, the highest market coverage of any UK dealer group.
With revenues of £1.1bn in 2014, the Group is the tenth largest dealer group in the UK.
In May 2015 the Group was recognised by the Great Place to Work Institute, being ranked the 26th 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 MMH'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.