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Marshall Motor upgrades annual profit guidance
StockMarketWire.com
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Auto dealer Marshall Motor upgraded its annual profit guidance, even after another temporary closure of its showrooms.
Pre-tax profit for the year through December was now expected to be at least £19 million, up from previous guidance of £15 million.
Marshall Motor said it had continued to trade strongly for the remainder of October, benefitting from previously reported sector tailwinds.
New retail unit sales were up on a like-for-like basis, with like-for-like used car unit volumes also performing strongly.
Trading in November was negatively impacted by the closure of the company's showrooms.
Still, it said it was able to continue to operate all of its aftersales businesses, take orders online and by telephone and deliver new and used vehicles through 'click and collect' services.
Marshall Motor said it had continued to trade well since its showrooms reopened on 2 December. 'There continues to remain significant social and economic uncertainties as a result of both Covid-19 and the potential impact of the UK's departure from the European Union on 31 December 2020,' it added.
'Whilst the board is pleased with the group's response to the significant challenges presented by Covid-19 in 2020, demonstrating the strength and resilience of the group's business, it has also benefited from a number of well-documented sector tailwinds in 2020 and therefore remains cautious over the trading environment for 2021.'
Story provided by StockMarketWire.com
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