Motor dealer Marshall Motor Holdings (LON: MMH) continues to outperform the weak UK car market. Results were broadly on track last year, although some of the recently acquired businesses made slightly higher losses. This year’s forecast has been upgraded.
Having a strong balance sheet enables Marshall to continue to invest in new dealerships. Net debt, excluding leases, increased from £5.1m to £30.6m following acquisitions costing £27.4m. The debt figure was higher than expected because of fleet orders just before the year end.
Capital expenditure is continuing at around £19m a year. The...
