logo-loader

Marshall Motors hikes dividend as it maintains guidance despite tough car market

Published: 07:47 13 Aug 2019 BST

Marshall Motor Holdings -
Brexit uncertainty has hurt consumer confidence

Marshall Motor Holdings PLC (LON:MMH) posted a 9% drop in pre-tax profit for the first half, blaming cost headwinds and a challenging car market.

The car dealer said underlying pre-tax profit fell to £14.8mln in the six months to the end of June from £16.2mln a year ago.

Group costs increased 2.5% to £114.9mln due to recent acquisitions, including the purchase of six ŠKODA franchised dealerships, and inflationary pressures.

Revenue edged up 1.8% to £1.2mln on a reported basis or 0.9% on a like-for-like basis as growth in used car sales offset declines in new car sales to retail customers and companies.

The company raised its interim dividend by 32.6% to 2.85p each.

"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 board believes it is right to remain cautious regarding the outlook for the remainder of the year,” said chief executive Daksh Gupta.

“Nevertheless, the board's current outlook for the full year remains unchanged."

Ariana Resources updates resource and reserve; realises long-term strategy

Joining Jonathan Jackson in the Proactive studio is Ariana Resources PLC (AIM:AAU) managing director Kerim Sener, who sits down to discuss the latest resource and reserve update for the Zenit Mining Operations in Western Türkiye. The update encompasses the Kiziltepe and Tavsan sectors, operated...

5 hours, 24 minutes ago