Marshall Motor reiterates FY outlook

Marshall Motor Holdings said on Tuesday that other than speculation surrounding the impact of Brexit and the automotive sector in particular, it knows no reason for the recent movement in the share price.

The company also took the opportunity to update the market on its trading since the interims on 16 August, and reiterated that the outlook for the year remains in line with its previous expectations.

“Specifically, this full year outlook would represent a significant improvement in earnings per share versus that achieved in the year ended 31 December 2015,” it said.

AIM-listed Marshall said its confidence in the full-year outlook was underpinned by the fact that since the end of June, the group has seen material growth in both revenue and profit, driven by the acquisitions of SG Smith and Ridgeway. In addition, it said the group’s like-for-like business has enjoyed strong revenue growth.

Marshall noted that during the important plate-change month of September, it experienced significant like-for-like new unit sales growth, outperforming the wider UK market as reported by the SMMT. Used car sales volumes also showed LFL growth in September.

At 0905 BST, the shares were up 9.5% to 150p.