Marshalls H1 revenue and profit rise; Edenhalll integration on track
By Michele Maatouk
Date: Thursday 15 Aug 2019
(Sharecast News) - FTSE 250 landscape products specialist Marshalls posted a rise in first-half profit and revenue on Thursday as it said it was confident of "at least achieving" its expectations for the year.
In the six months to the end of June, pre-tax profit increased 14% to £37.1m on revenue of £280.1m, up 15% on the first half of last year.
The interim dividend was boosted by 18% to 4.70p a share and operating margins ticked up to 13.9% from 13.7%.
The company said that Edenhall, which was bought in December last year, performed well in the period and its integration is on track and well advanced.
Marshalls said trading has remained strong in the first half despite the poor weather in June, with key underlying indicators still positive in its end markets.
Sales to the public sector and commercial end market, which represented around 68% of group sales, rose 21% compared with the prior year period. Excluding the impact of Edenhall, sales to the public sector and commercial end market increased 10%.
Meanwhile, sales to the domestic end market, which made up about 27% of group sales, increased 3% compared to the first half of last year.
Chief executive Martyn Coffey said: "The board believes that the group's new 5 year business strategy will continue to deliver sustainable growth, whilst maintaining a strong balance sheet and a flexible capital structure. The strategy is underpinned by strong market positions, focused investment plans and an established brand.
"The board is increasingly confident of at least achieving its expectations for 2019."
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