Marshall Motor Holdings - Driving out of lockdown
With the government allowing car dealerships to reopen from 1 June 2020, Marshall Motor Holdings (MMH) has issued a trading update and plans to progressively return to full operation in a COVID-19 secure fashion. The protection of both its employees and customers remains the company’s paramount consideration. Financially MMH appears to have weathered the shutdown well with adjusted net debt (excluding IFRS 16 leases) of £3.2m at 31 May, although it expects to report an H120 loss before tax in August. The major question is the pace of demand recovery and that still depends on the uncertainties caused by the pandemic. Guidance was withdrawn as lockdown started and, given the uncertain H220 prospects, we are not reinstating estimates yet. MMH looks well positioned to resume trading.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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