16th Jul 2020 10:29
(Alliance News) - Marshalls PLC on Thursday said its revenue took a knock in the first half of the year but marked a steady increase in June, continuing into July, as markets start recovering from the initial impact of Covid-19.
Marshalls revenue decreased by 25% year-on-year in the half year ended June 30 to GBP210.5 million from GBP280.1 million last year.
Trading in June was better than expected, the landscape products specialist said, with its revenue 2% ahead of last year. On a like-for-like basis, June average daily revenue was down 7% compared to the prior year period.
The West Yorkshire, England-based company said this was a significant improvement as April was down 66% on a like-for-like basis.
The improved level of trading continued into July as all manufacturing sites were operational and under new social distancing regulations.
Marshalls reported strong domestic sales with with the survey of domestic installers at the end of June showing a good order book of 12.4 weeks, compared to 11.5 weeks a year ago.
The public sector and commercial market showed "strong" sales, the company said, adding that a level of uncertainty remained within the housebuilding market, however.
Marshals said: "Whilst business confidence and market demand remain uncertain, recent trading has been better than expected and continues to improve.
"The board expects to be able to give a clearer outlook once the trading performance for both July and August have been assessed. In the interim, financial guidance remains suspended."
Shares were up 2.0% at 632.55 pence each on Thursday morning in London.
By Greg Roxburgh; [email protected]
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