13th Jul 2016 08:36
LONDON (Alliance News) - Marshall Motor Holdings PLC on Wednesday said it achieved record results in the first half of 2016, in line with expectations, as it announced the appointment of a new director to its board.
The automotive retail and leasing group said the retail division achieved growth in both revenue and profitability, driven by a combination of contributions from its recent acquisitions of SG Smith and Ridgeway Garages and from like-for-like improvements. Marshall Motor continued to show total and like-for-like growth in new and used volumes and aftersales revenue, it said.
Meanwhile, the leasing division also performed well, Marshall Motor said, showing further profitability improvements and steady growth in the leasing fleet.
Marshall Motor said unallocated central costs were below the same period last year, while booking exceptional costs of GBP1.9 million relating to its three dealership disposals in April and transaction costs in relation to the acquisition of Ridgeway.
"It is too early to assess any impact on the UK motor vehicle market of the result of the UK referendum on EU membership. Nevertheless, the group believes it is well positioned for the future with significant balance sheet capacity, a balanced portfolio of brands which has been significantly strengthened by recent acquisitions and a management team that remains focused on maximising the group's performance," the company said in a statement.
Separately, Marshall Motor announced that 65% shareholder Marshall of Cambridge (Holdings) Ltd has exercised its right to nominate a second director to Marshall Motor's board, choosing Marshall of Cambridge's communications director Christopher Walkinshaw.
This comes under the relationship agreement signed between the two companies at the time of Marshall Motor's initial public offering in London in April 2015.
Shares in Marshall Motor were untraded on Wednesday, last quoted at 154.88 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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