MARSHALL Motor Holdings said today it expected this year’s underlying pre-tax profit to be even better than last year’s result.
In a trading update, the automotive retail group said it had ‘a more positive outlook for the remainder of the current financial year’ as a result of ‘better than anticipated trading during October 2018’.
The group, headed by Daksh Gupta, pictured, said the introduction of the Worldwide Harmonised Light Vehicle Test Procedure had a significant impact on the UK new vehicle market during September 2018, which was expected to continue for the rest of the year.
But it added: ‘Whilst the resultant new car supply imbalance is continuing, growth in our used car volumes and margins given supply constraints in the new car market, combined with further revenue growth achieved in aftersales, has given us more confidence over the expected outcome for the year.
‘As a result, the board now expects continuing underlying profit before tax for the year ending 31 December 2018 to be ahead of the group’s record results reported last year.’
2017’s underlying profit before tax was £29.1m – up 14.6 per cent on 2016’s figure of £25.4m – with revenue up 19.5 per cent to £2.27bn.
The results for the year ending December 31, 2018 are due to be released on March 13, 2019.