Marshall Motor Holdings has reported 74.6% turnover progress and a 354.4% rise in pre-tax revenue in its first monetary outcomes for the reason that acquisition of Motorline and privatisation by new proprietor Constellation Automotive.
Turnover totalled to £3.8 billion (2020: £2.15bn) on the Cambridgeshire-based AM100 retail group as its revenue earlier than tax rose from £20.9m to £95.2m in a interval that was prolonged to fifteen months on account of the takeover by BCA’s homeowners and its subsequent de-listing from the London Inventory Change.
Marshall reported that the easing of COVID-19 lockdowns and the enterprise’s October acquisition of £700m turnover Motorline helped it to promote 68,276 new vehicles and 77,308 used autos within the interval to March 31 – 59% and 73.7% up on the 12-month 2020 buying and selling interval.
Gross revenue margin grew to eight% in new vehicles and seven.8% in used as provide constraints drove up the price of autos, the group mentioned.
Aftersales revenues rose by 60.6% – once more in comparison with the COVID-impacted 12-months 2020 buying and selling interval – to £386.4m as gross margin improved from 45.1% to 46.6%.
As of March 31, the group revealed that it held adjusted internet money of £15.6m (2020: 28.8m) and had a internet debt of £193.7m (2020: £70.5m). Its present finance amenities embody a £60m revolving credit score facility dedicated till September 2024.
Rising prices, evolving community
An announcement by director Richard Blumberger revealed that the group’s prices had additionally risen within the interval. It said: “Underlying working bills elevated by £142.7m to £349.8m. Whereas this improve was primarily pushed by the change in accounting reference dates, it additionally displays the impacts of acquisitions within the interval and the continuation of sector-wide value pressures.”
On the date of the monetary report Marshall mentioned that it operated 160 retail websites with 26 model companions.
Through the 15-month interval Motorline was its headline acquisition, however the group additionally acquired Cheltenham and Gloucester Jaguar Land Rover (JLR) from Heritage Automotive, together with Leicester Nissan from Renault Retail Group.
The group additionally incurred £23.7m in prices because it acquired the freehold land and buildings at Tunbridge Wells Audi, Beckenham Audi and South Lakes Mercedes-Benz.
It additionally disposed of 11 companies, nevertheless.
Amongst them had been: Newbury Honda; Maidstone Maserati; Newbury Nissan; Motorline Drive Now used vehicles gross sales; Cambridge used vehicles; the Sydenham Audi used car franchise; Brighton TPS; and Grimsby Volkswagen.
Put up interval
Marshall’s newest monetary outcomes had been adopted by a interval by which BCA-owner Constellation Automotive took management of the enterprise, reshuffling its board and de-listing it from the London Inventory Change.
Lengthy-standing Marshall chief govt and AM Awards Enterprise Chief of the Yr Daksh Gupta departed the enterprise earlier than its franchise partners including Mercedes and BMW gave their backing to its new management workforce.
Nonetheless, simply over a month later, Drayton Motors took over Marshall’s Scunthorpe Kia franchise, whereas Peterborough-based Donalds Group has been linked with a transfer to tackle the group’s Ipswich operation with the Korean model as the 2 events severed ties.
Constellation later denied that Marshall’s exit from the Kia UK franchised dealer network was related to management adjustments following its takeover.