Automotive retail group Marshall Motor said on Tuesday that full-year revenues and profits had slid in 2020 as a result of lockdown measures associated with the Covid-19 pandemic.
Marshall posted an underlying pre-tax profit of £20.9m, a fall of 5.4%, while revenues dipped 5.3% to £2.2bn, or 13.5% on a like-for-like basis to £1.9bn.
The AIM-listed group said total new vehicle unit sales were down 9.2%, with like-for-like total new vehicle unit sales down 19.4%, while total used vehicle unit sales were 5.3% lower, with like-for-like unit sales down 14.6%.
Adjusted net cash at the end of 2020 was £28.8m, an increase of £59.4m from 31 December 2019 as a result of a combination of Government Covid-19 support measures, working capital control and management cash preservation actions taken during 2020.
Marshall also noted that as a result of the significant support from Downing Street during 2020, it had opted not to pay a final dividend for the year after being forced to cancel a previously announced final dividend for 2019 and not declaring an interim dividend for 2020.
Chief executive Daksh Gupta said: “The unprecedented political, economic and social impact of the COVID-19 pandemic in 2020 challenged governments, businesses and individuals across the world.
“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.”
As of 1040 GMT, Marshall shares were up 3.92% at 149.65p.
