13th Oct 2020 21:56
Marshall Motor Holdings PLC - Cambridge-based auto dealer - Reports "further strong current trading", outperforming the UK new vehicle market, and now targets underlying pretax profit for 2020 of GBP15 million versus previous break-even target. As at September 30, has GBP31.5 million adjusted net cash following GBP10.9 million early repayment of VAT deferral. Outlook still uncertain in light of Covid-19 and Brexit.
Chief Executive Daksh Gupta: "Whilst this period of positive trading has been welcomed following the significant impact of Covid-19 in the first half of the year, there remain a number of uncertainties regarding the trading environment for the remainder of the Year and beyond. We are also mindful that the market in Q3 was positively impacted by pent-up demand for new and especially used vehicles, which, allied to restricted supply, created favourable conditions from which the group was very well positioned to benefit. It is for these reasons that we have taken appropriate actions in terms of limited business closures and restructuring measures to ensure the group is well placed to meet these potential future challenges."
Current stock price: 135.50 pence; up 13% on Tuesday
Year-to-date change: down 13%
By Anna Farley; [email protected]
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