Marshalls warns of election uncertainty

PAVING specialist Marshalls posted annual pre-tax profits in line with expectations following a restructuring programme, but said the market remains uncertain.
By The Newsroom
Published 5th Mar 2010, 08:43 BST

The company, which makes landscaping products for driveways and gardens, said its 2009 pre-tax profits shrank to 12.1m from 22.5m last year, in line with analysts' expectations.

Marshalls called the reduction in sales volumes "unprecedented", but said it had cut costs by 11.4m in 2009 and completed a restructuring of the business.

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Chief executive Graham Holden said: "There is still market uncertainty, not least because of the impending election."

But the company is seeing some signs of delayed projects restarting, particularly in supplying to the public sector where it said it had good visibility.

Marshalls said it would pay a final dividend of 3.5p per share bringing the total dividend to 5.25p, compared to the 5.37p per share paid in 2008 and adjusting for the "bonus factor" in the rights issue.

Shares in Marshall closed at 85p last night, valuing the company at 162.8m.

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