Marshall Motor Holdings - Dividends to resume after repaying COVID grants
The AGM trading statement indicates trading in the first four months of FY21 has remained strong. After repaying all £4m of the FY21 government support, management expect FY21 underlying PBT to be not less than the £22.1m pre-pandemic of FY19. We upgrade FY21 and FY22 EPS by 15% and 7% respectively to reflect the strong recovery. The balance sheet remains well positioned to support growth investment and selective M&A. The company intends to resume dividend payments at H121 results.Marshall Motor Holdings PLC is a holding company. Co. is an automotive retail group. The principal activity of Co.'s subsidiary undertakings is the sale and servicing of passenger cars and commercial vehicle and associated activities. Co. is organised into one business segment being the retail segment. The retail segment includes sales of new and used vehicles, together with the associated ancillary aftersales services of; servicing, body shop repairs and parts sales.
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