Daksh Gupta of Marshall Motors
A rise in used car sales led to soaring half year revenue and profit for Marshall Motors.
Marshall Motors saw pre-tax profit rise 54% to £18.6m during the half year ended 30 June while revenue increased 44%% to £1.19bn.
This was driven by a rise in used car sales and the successful acquisition of Newbury-based premium dealership chain Ridgeway for £106.9m.
Group CEO Daksh Gupta said: "The board is pleased to announce another period of record trading, underpinned by like-for-like growth together with the contribution from Ridgeway which the group acquired on 25 May 2016.
“In the two years since listing, the group has successfully completed a number of retail acquisitions transforming its scale, geographic footprint and franchise portfolio as well as significantly growing its profitability.
“This, together with a strong balance sheet, leaves the enlarged Group well positioned to execute its growth strategy moving forward."
However, the increase in used car sales comes amid a fall in comparable new vehicle sales.
Marshall Motors said new car retail unit like-for-like sales fell 0.4%, reflecting figures from the Society of Motor Manufacturers and Traders (SMMT) that Brexit uncertainty is putting the brakes on the market.
Figures from the trade body in August showed the car market has declined for a fourth consecutive month.
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