Marshall Motor Holdings PLC Trading update and notice of results (6628D)
October 11 2018 - 1:00AM
UK Regulatory
TIDMMMH
RNS Number : 6628D
Marshall Motor Holdings PLC
11 October 2018
11 October 2018
MARSHALL MOTOR HOLDINGS PLC
("MMH" or the "Group")
Trading Update
Marshall Motor Holdings Plc, one of the UK's leading automotive
retail groups, issues the following trading update in response to
the introduction of the new Worldwide Harmonised Light Vehicle Test
Procedure ("WLTP") on 1 September 2018 and the resultant
significant impact on the UK new vehicle market during September
2018.
Current trading and outlook
As previously announced, the Group delivered a robust
performance in H1 2018 with continuing underlying profit before tax
growth on a previous record result. During H2 2018, the challenges
presented by a decline in the new vehicle market continue to have
been mitigated by strong operational disciplines and the benefits
of the decisive action taken in 2017 to proactively manage costs
and the Group's dealership portfolio.
The Board had anticipated a decline in new vehicle registrations
in the key plate-change month of September and supply disruption in
Q4 and as a result, its previous outlook for the full year remains
unchanged.
The Board believes it is right to remain cautious on the UK car
market in light of continued economic uncertainty, ongoing consumer
confusion around diesel vehicles and the residual impact of WLTP
changes on new vehicle supply. With the support of the Group's
brand partners, excellent portfolio, robust operating disciplines
and strong balance sheet, the Board continues to believe that the
Group remains very well positioned for the future.
Investment
The Group continues to invest in selected property assets to
support its brand partners and offer customers an excellent retail
environment whilst remaining focused on maintaining a strong
balance sheet. Ongoing developments of a new Jaguar Land Rover
facility on freehold land in Lincoln and a new Ford Store on long
leasehold land in Cambridge are scheduled to complete in the new
year.
The Group also continues to review potential acquisition
opportunities.
Full Year Results
The results for the year ending 31 December 2018 are due to be
released on 13 March 2019.
ENDS
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
Bertie Berger
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. The Group's businesses comprise a total of 101
franchises covering 23 brands, operating from 84 locations across
26 counties in England. In addition, the Group operates five trade
parts specialists, three used car centres, five standalone body
shops and one pre delivery inspection centre.
In April 2018 the Group was recognised by the Great Place to
Work Institute, being ranked the 21st best place to work in the UK
(large company category). This was the eighth year in succession
that the Group has achieved Great Place to Work status.
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contact rns@lseg.com or visit www.rns.com.
END
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