Motor retailer Marshall Motor Holdings (MMH) has reported a record set of numbers in its first annual results as a public company. The trading performance, which included new car sales growth of 9.9 per cent and used car sales growth of 8.2 per cent, was driven by strong underlying growth, acquisitions and ongoing development of the brands it sells. Last year, the company developed its relationships with Audi and Skoda and extended its partnership with Mercedes-Benz.
Costs associated with last April's flotation weighed slightly on reported figures, but adjusting for this, pre-tax profits rose by more than a fifth to £15.8m. Operational profits hit record highs across the retail and leasing segments: the former grew by 29 per cent and the latter by 24 per cent.
Chief executive Daksh Gupta pointed out that last year's figures only include two months of sales from the £24m SG Smith acquisition, completed in November. A full-year contribution should make a significant difference to 2016 earnings.
Analysts at Investec expect pre-tax profits of £18.6m in 2016, leading to EPS of 18p, up from £16.5m and 15.7p last year.
| MARSHALL MOTOR HOLDINGS (MMH) | ||||
|---|---|---|---|---|
| ORD PRICE: | 169p | MARKET VALUE: | £ 130m | |
| TOUCH: | 166-171p | 12-MONTH HIGH: | 195p | LOW: 149p |
| DIVIDEND YIELD: | 1.8% | PE RATIO: | 9 | |
| NET ASSET VALUE: | 168p* | NET CASH: | £24m** | |
| Year to 31 Dec | Turnover (£bn) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2012Ɨ | 0.79 | 4.6 | na | na |
| 2013Ɨ | 0.94 | 10.2 | na | na |
| 2014 | 1.09 | 12.9 | 283 | nil |
| 2015 | 1.23 | 15.4 | 19.7 | 3.0 |
| % change | +14 | +19 | -93 | - |
Ex-div: 21 Apr Payment: 27 May *Includes intangible assets of £38.2m, or 50p a share **Excludes £51.4m leasing loans Ɨ Pre-IPO figures | ||||
