Marshall Motor: Dividends to resume after repaying COVID grants

The AGM trading statement indicates trading in the first four months of FY21 has remained strong. After repaying all £4m of the FY21 government support, management expect FY21 underlying PBT to be not less than the £22.1m pre-pandemic of FY19. We upgrade FY21 and FY22 EPS by 15% and 7% respectively to reflect the strong recovery. The balance sheet remains well positioned to support growth investment and selective M&A. The company intends to resume dividend payments at H121 results.

Continuing to outperform vehicle markets

Marshall Motor Holdings (MMH) continued to outperform both new and used car markets in volume terms in the first four months of 2021. New car like-for-like volumes increased 20.4% (actual +19.0%, market +16.2%) and like-for-like used car unit volumes rose 42.0% (actual +40.5%). The high margin aftersales revenues also made strong progress, rising 22.1% on like-for-like basis (actual +19.0%).

Marshall Motor Holdings Plc (LON:MMH), together with its subsidiaries, engages in retailing passenger cars and commercial vehicles in the United Kingdom. It sells new and used vehicles; and provides after sales services, such as servicing, body shop repairs, and parts sales.

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