Paving specialist Marshalls has reported a 10 per cent jump in revenue in 2019 and said the outcome of the General Election in December has created a more certain political environment.
The Elland-based firm said group revenue for the year to December 31 rose to £542m from £491m. Excluding the impact of concrete brick manufacturer Edenhall, which was acquired in December 2018 for £17m, revenue rose 3 per cent.
The firm said it is confident of meeting its 2019 expectations.
In a trading update, Marshalls said: "Looking ahead, the outcome of the UK General Election in December 2019 has created a more certain political environment and the underlying indicators in the new build housing, road, rail and water management markets remain supportive.
"The group continues to outperform the Construction Products Association’s (CPA) growth forecasts."
Marshalls said its business strategy is underpinned by strong market positions, focused investment plans and an established brand.
Sales in the public sector and commercial market, which represent 69 per cent of group revenue, rose 15 per cent. The group said the performance of Edenhall has been strong and the integration plan is substantially complete.
Sales in the domestic market, which represent 26 per cent of group revenue, were flat compared with 2018. Marshalls said its results were ahead of the overall domestic market in 2019.
The survey of domestic installers at the end of October 2019 revealed order books of 10.9 weeks, which compared with 11.5 weeks at the end of June 2019.
Marshalls said the domestic market was softer in the second half and suffered from the poor weather. However, execution of the group's 2020 strategy more than compensated by improving group margins.
During the year, the group launched its new five year business strategy. It said the objective is to deliver sustainable growth, whilst maintaining a strong balance sheet with a flexible capital structure and a clear capital allocation policy.
The 2019 interim dividend of 4.7p per share was paid on December 4 to shareholders on the register at the close of business on October 18.
Marshalls intends to issue its full year preliminary announcement on March 12.