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Marshalls reports sales slide
PAVING stone specialist Marshalls has announced a fall in sales and said demand remains uncertain with no clear pattern emerging.
The Huddersfield-based company said sales in the six months to June 30 fell from 211m to 166m and underlying daily sales revenue on a like for like basis was down 19 per cent against a comparatively strong first half year in 2008.
The group said decisive action has been taken by management in the past twelve months in response to the economic downturn and conditions.
The group's cost base has been reduced significantly through a combination of capacity reductions achieved by permanent works closures and temporary shift reductions.
Following the raising of 34m from the recent rights issue, and also the action taken by management to conserve cash, the group's borrowings have fallen to 74m, down from 111m at the end of December.
Marshalls, which sponsors the RHS Chelsea Flower Show, is paying a final dividend of 1.45p per share.
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Thursday 24 May 2012
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