Marshall Motors 'significantly' outperforms UK new vehicle market
Marshall Motor Holdings
397.00p
16:55 14/06/22
Automotive retailer Marshall Motor Holdings said on Tuesday that it had continued to "significantly outperform" the UK's new vehicle market.
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Marshall stated it had traded "strongly" throughout August and the key plate-change month of September, stating it had benefitted from pent-up demand in both vehicle sales and aftersales following Covid-19 lockdowns, new vehicle supply shortages, increased consumer demand for private vehicles as a result of changing attitudes towards public transport and an increase in first-time vehicle users.
The AIM-listed group said like-for-like new vehicle retail sales in September grew 19.1%, significantly ahead of the market, with total new-vehicle retail sales up 38.6%.
Fleet sales were up 17.1% in September on a like-for-like basis, with total new fleet sales up 23.9%, while used vehicle sales improved 15.7% last month and aftersales revenues grew 11.5%.
Marshall also said margins were strong, particularly in used vehicles.
Chief executive Daksh Gupta said: "Our operational performance in August and September, in particular, was strong across all key like-for-like new vehicle sales metrics and we have also delivered significant like-for-like growth in both used car sales and aftersales.
"Whilst this period of positive trading has been welcomed following the significant impact of Covid-19 in the first half of the year, there remain a number of uncertainties regarding the trading environment for the remainder of the year and beyond. We are also mindful that the market in Q3 was positively impacted by pent-up demand for new and especially used vehicles, which, allied to restricted supply, created favourable conditions from which the group was very well positioned to benefit."
As of 1000 BST, Marshall shares were up 6.04% at 127.25p.