Marshalls 'realistic' about outlook despite profit rise

Marshalls, the landscape products group, saw first half revenues edge up 2 per cent to £169.8m, but sounded a cautious note about the future outlook.

The Huddersfield-based paving stone specialist reported a pre-tax profit of 7.5m, up 87 per cent on the same period last year.

Marshalls maintained its interim dividend of 1.75p per share to reflect stabilisation in its markets.

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Graham Holden, chief executive, said: "Installer order books in our domestic end market are encouraging at 9.1 weeks and our lead indicator for overall public sector and commercial demand is mildly positive.

"Our markets have stabilised in the period and our marketing and sales initiatives are delivering positive results. However, economic uncertainties remain and Marshalls remains realistic about the short to medium term outlook.

"During the last two years Marshalls has built considerable operational and financial flexibility into its business whilst retaining full geographic coverage and the lowest cost to market.

"Despite some uncertainty as to the likely speed of recovery, we are well positioned to respond quickly to changing market conditions and to benefit from improving market demand.

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"The group continues to invest selectively to develop new products and new markets and is well placed to build on the strong Marshalls brand and its market leading position."

The company reduced its net debt to 66.7m during the six months to June 30.

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