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Marshall Motor scraps dividend as underlying profit slips
StockMarketWire.com
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Auto retailer Marshall Motor reported a lower underlying annual profit and scrapped its dividend after the pandemic hurt demand for travel.
Pre-tax profit for the year through December actually increased 3.7% to £20.4 million, up from £19.6 million year-on-year, but was boosted by lower one-off acquisition costs.
Underlying pre-tax profit fell 5.4% to £20.9 million as revenue slipped 5.3% to £2.15 billion.
On a like-for-lie basis, revenue slumped 14%.
In proposing no final dividend, Marshall Motor said it was mindful of the significant financial support it had received from the government and other stakeholders.
'Our resilient business model, ability to adapt to changing consumer behaviours, such as those enforced by showroom closures, together with our exceptionally strong relationships with our brand partners, gives us confidence in the group's future prospects and success,' chief executive Daksh Gupta said.
Story provided by StockMarketWire.com
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