Marshall of Cambridge performed strongly in what proved to be a challenging year. Profitability improved year-on-year and the Group maintained the payment of dividends throughout the pandemic. Cash flow was such that the group ended the year with net cash, even after investment in a new ERP system to be installed across their Aerospace / Defence division (MADG).
The order book within MADG remains strong, with new contracts signed in FY20 expected to ramp up during FY21. Marshall Motor Holdings has increased adj. PBT guidance for FY21 to record levels, with an intention to resume dividends as soon as possible. The Property division (MGP) has been active, with further house sales and a disposal of the Land North of Cherry Hinton with planning permission.
The most recent traded share price of 231p is materially below our retained fair value of 591p and also stands at a large 39% discount to the FY20 Shareholder’s Funds. Prospects remain exciting across the Group’s portfolio as economic growth and confidence recovers.
Summary of note here:
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