MARSHALL MOTOR Holdings announced that the group’s financial performance is expected to be comfortably in line with its expectations but it is remaining cautious.
According to a pre-close statement released by the group, ahead of its official full year results on March 17, 2017, it has ‘continued to build on the record financial performance reported during the first half of FY16’. However, following the UK referendum on EU membership and the resultant continued economic uncertainty, the Board said it ‘remains cautious on the UK vehicle market in 2017 and concurs with current industry forecasts for a decline in the UK market for new vehicle sales’.
It’s credited a large portion of this to a continued strong like-for-like revenue growth and contributions from recent acquisitions including SG Smith Holdings Limited (SGS), which it acquired on November 16, 2015, and Ridgeway Garages, acquired on May 25, 2016. The group’s retail segment showed strong growth in both revenue and profitability, including contributions from these acquisitions.
Sales of new vehicles in the first half of the year strengthened in H2, although margins remained under pressure. Sales of used vehicle were marginally above the same period in 2015.
The leasing fleet continued to grow and at 6192 units at the end of FY16, this was 2.7 per cent ahead of the position reported at 31 December 2015.
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