Marshall results outperform market
09 March 2021
Underlying profits at Marshall Motor Holdings dropped just 5.4% in 2020 to £20.9 million, while like-for-like revenue dropped 13.5% to £1.87 billion.
Including recent acquisitions, Marshall reported a rise in profit before tax of 3.7% to £20.4m last year against £19.6m in 2019. Reported turnover was down 5.3% to 2.15bn.
While the new car market overall was down 29.4% in 2020, Marshall saw a like-for-like fall of 14.4% with the figure for used car unit sales down 14.9%.
Daksh Gupta, CEO, Marshall Motor Holdings
Highlighting the level of government support during the lockdowns and the pandemic Daksh Gupta, chief executive, said: “Through a combination of support received from both the Government and our business partners, a number of one-off sector tailwinds and our continued and significant outperformance of the wider market, we are pleased to report an underlying profit before tax for the Year of £20.9m. Our financial position also remains strong, with adjusted net cash at 31 December 2020 of £28.8m.”
2020 Highlights:
| • | Underlying profit before tax £20.9m (2019: £22.1m), reported profit before tax of £20.4m (2019: £19.6m); |
| • | Reported revenue of £2.2 bn, down 5.3% (2019: £2.3bn) with like-for-like revenue of £1.9 billion, down 13.5% (2019: £2.2bn), despite significant market decline as a result of COVID-19; |
| • | Total new vehicle unit sales down 9.2% with like-for-like total new vehicle unit sales down 19.4%, a strong double-digit outperformance against a UK new vehicle registration decline of 29.4%; |
| • | Total used vehicle unit sales down 5.3% with like-for-like unit sales down 14.6%, compared with used vehicle transactions down 14.9%, a pleasing result given showroom closures; |
| • | A resilient aftersales performance with total revenue down 5.2% and like-for-like revenue down 13.5%; |
| • | Adjusted net cash at 31 December 2020 of £28.8m, an increase of £59.4m from 31 December 2019 as a result of a combination of Government COVID-19 support measures, working capital control and management cash preservation actions taken during 2020; |
| • | £120m revolving credit facility extended in July until 2023; |
| • | Eleventh consecutive year of Great Place to Work status and sixth consecutive year of being ranked as one of the UK’s best workplaces; |
| • | Further development of the Group’s digital strategy, including the introduction of ‘click and collect’ and online reservation services; |
| • | Continued promotion of the Marshall brand with a number of national TV marketing campaigns; |
| • | No final dividend for 2020 proposed; the Board is mindful of the significant financial support received from Government measures and other stakeholders. |
Tags:
Marshall Motor Holdings 
Why Subscribe?
As an auto retail executive you need insightful and unique industry intelligence to boost your business potential. Here’s a taste of what Auto Retail Network has to offer:
- Get informed and boost your business potential
- More than 1,200 fellow executives have joined us since launch
- Independent, carefully crafted, unique content relevant to you and your business
- Develop a greater awareness of market trends and opportunities
- Access to a wide range of materials whenever, wherever and however you want it
- Significant discounts on ARN events, reports and other publications
