10th Mar 2020 10:22
(Alliance News) - Marshall Motor Holdings PLC on Tuesday said its profit was higher in 2019 with all segments reporting revenue growth.
Shares in Marshall Motor were down 5.1% at 136.26 pence in London.
The automotive retailer reported GBP19.6 million in pretax profit for 2019, 8.9% higher than 2018's GBP18.0 million profit, as revenue jumped 4.1% to GBP2.28 billion from GBP2.19 billion.
All three Marshall Motor units - New Vehicles, Used Vehicles, and Aftersales - reported higher annual revenue.
Marshall Motor maintained its dividend per share for the year at 8.54p.
Chief Executive Daksh Gupta said: "The board notes the latest forecast by the Society of Motor Manufacturers & Traders for a further decline in the UK new car market in 2020 of 2.6%. It is also cognisant of the potential impact that uncertainty over the outcome of future trade agreement negotiations between the UK and the European Union may have on the automotive sector.
"Although we have not seen an impact to date, the board is monitoring the potential impact of covid-19 and is considering contingency plans in the event it starts to impact our dealerships. The board therefore remains cautious but our order book for the important March plate-change period is encouraging and our outlook for the full year is unchanged.
"The UK motor retail landscape may change over the years and decades ahead. The group's long standing strategy of partnering with the right brands in the right locations has positioned it well to remain a relevant and important part of that future landscape."
By Anna Farley; [email protected]
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