Marshall Motor Holdings plc, has characterized its half year trading to 30 June 2017 as “strong”, with the group achieving like-for-like revenue growth during the period.
Marshall’s pre-close statement ahead of the release on 15 August 2017 of its half year results for the six months ended 30 June 2017 indicated “material improvements in profitability compared with the corresponding period last year.” The group also confirmed that Ridgeway Garages acquired in May 2016 was making a positive contribution to the results.
Regarding its retail business, Marshall commented that the first quarter was particularly strong. The group attributes this partially to customers pulling forward new car purchases ahead of the 1st April changes to Vehicle Excise Duty.
Marshall’s statement indicated that the group outperformed the new car retail market, while experiencing a like-for-like decline in unit sales to fleet customers over this period following a commercial decision to withdraw from some low margin business. The business saw growth in like-for-like sales of used vehicles and after-sales revenues in the first six months of 2017.
Marshall reported a decline in profitability for its leasing business when compared with the same period in 2016. The group attributes this decline in part to a reduced level of disposals during the period.
Marshall’s statement concludes with cautious optimism regarding the outlook for the remainder of 2017, “the Board's current outlook for the full year is now ahead of its previous expectations.”