Marshall Motor Holdings PLC – MMH – Full Year Results

Marshall Motor Holdings PLC – MMH – Full Year Results

Marshall Motor Holdings plc, one of the UK's leading automotive retail groups, announces its results for the Year ended 31 December 2020.

Financial summary



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Final dividend cancelled due to COVID-19 impact, 2.85p represents interim dividend only which would typically represent one third of full year dividend

2020 Highlights:


Underlying profit before tax £20.9m (2019: £22.1m), reported profit before tax of £20.4m (2019: £19.6m);


Reported revenue of £2.2 bn, down 5.3% (2019: £2.3bn) with like-for-like revenue of £1.9 billion, down 13.5% (2019: £2.2bn), despite significant market decline as a result of COVID-19;


Total new vehicle unit sales down 9.2% with like-for-like total new vehicle unit sales down 19.4%, a strong double-digit outperformance against a UK new vehicle registration decline of 29.4%;


Total used vehicle unit sales down 5.3% with like-for-like unit sales down 14.6%, compared with used vehicle transactions down 14.9%, a pleasing result given showroom closures;


A resilient aftersales performance with total revenue down 5.2% and like-for-like revenue down 13.5%;


Adjusted net cash at 31 December 2020 of £28.8m, an increase of £59.4m from 31 December 2019 as a result of a combination of Government COVID-19 support measures, working capital control and management cash preservation actions taken during 2020;


£120m revolving credit facility extended in July until 2023;


Eleventh consecutive year of Great Place to Work status and sixth consecutive year of being ranked as one of the UK's best workplaces;


Further development of the Group's digital strategy, including the introduction of 'click and collect' and online reservation services;


Continued promotion of the Marshall brand with a number of national TV marketing campaigns;


No final dividend for 2020 proposed; the Board is mindful of the significant financial support received from Government measures and other stakeholders.


Daksh Gupta, Chief Executive Officer, said:

"The unprecedented political, economic and social impact of the COVID-19 pandemic in 2020 challenged governments, businesses and individuals across the world.

"The response of colleagues across our businesses during the Year was outstanding.  Despite significant uncertainty, our colleagues went above and beyond, rising to the challenges we collectively faced.  Their contribution to our financial result cannot be underestimated and we thank them all for their dedication and commitment during the Year.  Our priority in responding to the COVID-19 pandemic was the safety and wellbeing of our colleagues and customers. As well as ensuring our businesses were safe environments in line with COVID-19 secure guidelines, we worked hard to support colleagues, both financially and through wider wellbeing initiatives. 

"Through a combination of support received from both the Government and our business partners, a number of one-off sector tailwinds and our continued and significant outperformance of the wider market, we are pleased to report an underlying profit before tax for the Year of £20.9m.  Our financial position also remains strong, with adjusted net cash at 31 December 2020 of £28.8m.

"Our resilient business model, ability to adapt to changing consumer behaviours, such as those enforced by showroom closures, together with our exceptionally strong relationships with our brand partners, gives us confidence in the Group's future prospects and success.


"I would like to take this opportunity, on behalf of the Board, to thank our fantastic colleagues, our brand partners and suppliers for their continued support."

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