Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Auto dealer Marshall Motor posted a fall in annual adjusted profit as 'challenging' market conditions but pressure on margins.
Pre-tax profit for the year through December increased 8.9% to £19.6m, up from £18.0m on-year, as revenue rose 4.1% to £2.28bn.
On a like-for-like basis, however, revenue rose by a more modest 2.1% and underlying pre-tax profit fell 11% to £22.1m.
Marshall Motor held its dividend steady at 8.54p per share.
'The group continued to perform well in 2019 and despite a sustained period of market decline, has grown market share by outperforming in all of its key segments,' chief executive Daksh Gupta said.
'The Group delivered record total reported revenue and achieved like-for-like revenue growth. Despite market conditions, the business performed well, with like-for-like operating profit down 4.1% to £33.1m against last year's record result.
'Although we have not seen an impact to date, the board is monitoring the potential impact of COVID-19 and is considering contingency plans in the event it starts to impact our dealerships.'
'The board therefore remains cautious but our order book for the important March plate-change period is encouraging and our outlook for the full year is unchanged.'
At 8:06am: (LON:MMH) Marshall Motor Holdings PLC share price was -5.5p at 138p