Marshall posts £96.2m PBT in first results since takeover

Marshall has posted an underlying profit before tax of £96.2m, up from £20.9m (31 December 2020).

In the 15 months to 31 March 2022, the company saw revenue grow to £3.8bln from £1.6bln (2020),  in a period that was extended because of its takeover and de-listing from the London Stock Exchange.

Marshall said that “unprecedented used vehicle value appreciation and favourable demand to supply  conditions for new and used vehicles” drove a 12% gross margin.

However, operating expenses increased to £349.8m from £207.1m. The company said that this reflects the impact of acquisitions in the period and sector wider cost pressures.

These are the first set of results since Marshall’s takeover. In December 2021 the Board of Marshall recommended that Constellation’s offer be accepted.

Constellation made the offer of 400 pence per share on 29 November 2021.

The group also recently parted company with Kia after 13 years together.

A spokesperson for Constellation Automotive Group said: “The origins of the Marshall/Kia separation go back more than one year ago, well before the initial Constellation Automotive Group move to buy Marshall Motor Group.”

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