16th Aug 2018 09:17
LONDON (Alliance News) - Stone and concrete landscaping products firm Marshalls PLC said it has started the second half of 2018 well after seeing off bad weather to produce a strong interim performance.
Shares were 6.0% higher on Thursday morning, trading at 447.60 pence each.
Recent trading, in June and July, Marshalls said, has been "very strong", with revenue for the two months 21% higher year-on-year.
This comes after Marshalls posted revenue of GBP244.3 million for the six months to June, up 12% year-on-year, with pretax profit also increasing 12% to GBP32.5 million.
Marshalls has raised its interim dividend to 4.00p per share, having returned 3.40p to shareholders a year prior.
Marshalls said these solid results come despite bad weather during the first half of the period, reducing sales by about GBP9 million, something the company already had highlighted in May.
The company has moved to a net debt position of GBP48.9 million, having had net debt of GBP24.3 million in December, but this reflects its GBP38.3 million purchase of pre-cast concrete maker CPM Group Ltd in October last year.
Marshalls said CPM did well during the period, with integration "on track and well advanced".
The firm said it continues to outdo the UK Construction Products Association's growth figures, despite macroeconomic uncertainty, and it is confident on meeting expectations for 2018 as a whole.
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