Marshall Motor makes 'significant increase' to FY expectations

Automotive retailer Marshall Motor Holdings made "a significant increase" to full-year expectations on Wednesday.

Marshall Motor, which previously said it expected to deliver underlying pre-tax profits "well ahead" of historic record results, said tailwinds that had helped it get to that point had continued throughout, with the group also highlighting initial visibility on its trading outlook for August and September.

However, the AIM-listed group said "a high level of uncertainty" remained over the second half of 2021 and into 2022 given "well documented" vehicle supply issues, an expected realignment of used vehicle values and the continuing impact of the COVID-19 pandemic.

"Given these uncertainties, there remains a range of possible outcomes for the year, however, the board now expects that continuing underlying profit before tax for 2021 will be not less than £40.0m," said Marshall.

"This figure is after the commitment to repay all CJRS and non-essential retail sector grants received for this financial year."

As of 1015 BST, Marshall shares were up 9.35% at 234.0p.