9:15 am, August 16, 2016
MARSHALL Motor Holdings plc, one of the UK’s leading automotive retail and leasing groups, has announced record results for the first six months of 2016.
The company released its unaudited interim results for the six months ended June 30 today, showing that revenue increased by 30.7 per cent to £826.4m year-on-year and that adjusted profit before tax was up 33.6 per cent to £14m.
The company reported record results from both its retail and leasing segments: profit before tax growth was 27 per cent and 5.8 per cent respectively.
Adjusted net debt (excluding leasing loans) at June 30 stood at £32.4m and with a new three-year £120m credit facility in place, the company has ‘significant balance sheet capacity’.
An interim dividend of 1.80p per share will be paid.
In operational and strategic highlights, new car unit sales were up by 20.3 and used car unit sales were up by 15.8 per cent.
Aftersales revenues increased by 36.6 per cent and the company’s gross profit margin increased to 11.9 per cent.
The first half of the year was notable for Marshall as in May, it announced it had acquired the Ridgeway group for £106.9m.
Daksh Gupta, Marshall Group chief executive, said: ‘The board is pleased to announce another period of strong trading, underpinned by like-for-like organic growth in both revenue and gross profit together with contributions from recent acquisitions.
‘We were delighted to complete the strategic acquisition of Ridgeway which has extended the group’s geographical reach and strengthened relationships with key brand partners. The enlarged group remains well positioned to execute its growth strategy moving forward.’
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