Marshall Motor Holdings - Record performance delivered in H121
The strong used car market has enabled Marshall Motor Holdings (MMH) to deliver an exceptional H121 performance that should drive record FY21 underlying PBT of not less than £40m as indicated last week. However, the uncertainty surrounding the market outlook continues. Vehicle supply issues are likely to result in lower volumes for both new and used cars in H221 and H122 affecting dealership profitability. We have upgraded FY21 to reflect guidance but our FY22 estimates are unchanged with a more normal level of profit. The resumption of dividends is welcome with an exceptional FY21 payment to reflect the strong current year financial performance.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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