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Despite a challenging backdrop, UK-based automotive retail group Marshall Motor Holdings said it had outperformed the market in the first half in both retail and fleet new vehicle unit sales and expected underlying first-half pre-tax profit to be "in line" with expectations.
However, it remained cautious for the remainder of the year even as it left its full-year outlook unchanged.
Over the six months to 30 June 2019, the company also saw continued strong growth in used vehicle unit sales and achieved further growth in after-sales revenues. This comes despite the UK new and used car markets remaining "challenging" with volume pressures and cost headwinds for the retail sector, together with recent margin pressure in the used car market, it said.
Marshall Motor said it had delivered strong cash generation during the period and expected to report a positive net cash position of approximately £5m at 30 June 2019, slightly down from £5.1m at 31 December 2018.
Looking forward, given continued weak consumer confidence as a result of ongoing political uncertainty over Brexit, ongoing cost headwinds for the retail sector and further potential new vehicle supply constraints in the lead up to the implementation of further emissions-related regulations on 1 September 2019, the company said it believed it was right to remain cautious regarding the outlook for the remainder of the year.
The firm would announce its interim results for the six months ended 30 June 2019 on 13 August 2019.
At 8:39am: (LON:MMH) Marshall Motor Holdings PLC share price was 0p at 145p