3rd Jul 2018 09:47
LONDON (Alliance News) - Marshall Motor Holdings PLC said on Tuesday it expects 2018 results to be at the upper end of expectations following a solid first half, while it also said its financial chief is to leave the firm.
The automotive retailer said it had a positive six months to June despite a difficult new vehicle market in the UK. First half underlying pretax profit is guided to be "marginally" ahead year-on-year, due to cost control and the impact of the sale of loss making sites.
Marshall's new car like-for-like sales in its first half were in line with the UK new car market, which declined by 6.8% in the period.
In used vehicles, like-for-like sales were "consistent" year-on-year, while margin pressure has offset like-for-like growth in aftersales revenue.
Chief Executive Daksh Gupta said: "The group has delivered a positive performance to date against an ongoing background of a challenging UK new car market. We remain cautious but given our performance to date, our expected outlook for the full year is improved.
"With the support of our brand partners, excellent portfolio, robust operating disciplines and strong balance sheet, I am confident the group remains very well positioned for the future."
The company also said Tuesday Chief Financial Officer Mark Raban has made known his intention to step down from the position, though he will stay until a new appointment is made. A search has now begun, Marshall said.
Gupta added: "I would like to personally thank Mark for his support and being an invaluable part of the management team since 2014. I wish him all the very best for the future."
Shares were 0.9% higher on Tuesday at a price of 168 pence each.
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