Marshall Motor sees FY performance in line

Marshall Motor Holdings said the financial performance of the group during FY 2016 is anticipated to be comfortably in line with its expectations.

The Group continued to build on the record financial performance reported during the first half of FY16 ("H1"), delivering further material improvements during the second half of FY16 ("H2"), it said in a pre-close statement.

"This was driven by continued strong like-for-like revenue growth and contributions from recent acquisitions including SG Smith Holdings Limited ("SGS"), acquired on 16 November 2015, and Ridgeway Garages (Newbury) Limited ("Ridgeway"), acquired on 25 May 2016," it added.

OUTLOOK

"Following the UK referendum on EU membership and the resultant continued economic uncertainty, the Board remains cautious on the UK vehicle market in 2017 and concurs with current industry forecasts for a decline in the UK market for new vehicle sales," Marshall Motor said.

"Nevertheless, as a result of the strategic acquisitions of SGS and Ridgeway, the Group remains well positioned and continues to seek to drive further growth in its profitability and return on capital, supported by a balanced portfolio of brands, attractive geographic locations and excellent brand partner relationships."