Daksh Gupta of Marshall Motors
One of the UK’s leading automotive retail groups has turned in record results for 2017 despite a nationwide fall in new car sales.
The Marshall Motor Group saw pre-tax profits rise by 14.4% to £29.1m for the year ended 31 Dec 2017, with group revenue rising by 19.5% to almost £2.3bn.
This is despite a 2.6% fall in like-for-like sales of new cars, however, the group outperformed the rest of the industry with the SMMT reporting a UK-wide fall in new car sales of 5.7% in 2017.
Marshall has also revealed that chairman Peter Johnson will retire this summer and the company is now on the lookout for a replacement.
Daksh Gupta, group chief executive, said: "Despite the more challenging market backdrop, the board is pleased to announce another record financial performance which was ahead of our previously upgraded expectations.
“During 2017 we took a number steps, including the strategic disposal of Marshall Leasing, to prepare the group for the future.
“We are now focused exclusively on our motor retail business and with a significantly strengthened balance sheet remain ideally positioned to exploit future opportunities.
"The board notes the latest Society of Motor Manufacturers and Traders (SMMT) UK new car market forecasts for a decline of 5.6% in 2018.
“As a consequence, the board therefore remains cautious about the UK car market in 2018 as it returns to a more normalised level.
“Our trading performance in the current financial year to date is in line with our expectations and our outlook for the full year remains unchanged.
"I would like to take this opportunity on behalf of the board to thank our entire team and our brand partners for their continued support."