Marshall Motor Holdings - Well positioned for the road ahead
Our investment case for Marshall Motor Holdings (MMH) is rooted in the strong performance demonstrated in FY20. PBT for FY20 came in 9% ahead of our expectations. Management emphasised the group’s performance as resilient. We would highlight an agile team that has responded to the pandemic and achieved earnings ahead of our expectations through outperforming the market and utilising government support. This keeps the group on a strong financial footing, giving MMH the opportunity to strengthen its market position as the UK dealerships continue to consolidate. This in turn should position MMH well for the growth in car ownership that is anticipated post pandemic as consumers seek alternatives to public transport and shift to electric vehicles.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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