Marshalls revenues rise to £430m
Marshalls has reported an 8% rise in Group revenues to £430m for the year to December 31, including £9m from its recent acquisition of CPM Group.
The Elland-based landscaping and construction supplier issued a trading update this morning which showed its revenues had jumped from £397m in 2016 to £430m in 2017. This included £9m from CPM Group, which was acquired on 19 October 2017, and has traded strongly since joining the Group. On a like for like basis, excluding the impact of CPM, Group revenue was up 6%.
Sales in the domestic end market, which represented approximately 32% of Group sales, were up 12% compared with the prior year. A survey of domestic installers at the end of October 2017 revealed order books of 11.7 weeks (2016: 11.0 weeks) which compared with 11.9 weeks at the end of June 2017.
Excluding CPM, sales in the public sector and commercial end market, which represented approximately 61% of Group sales, were up 2% compared with 2016. The Group continues to target those parts of the market where higher levels of growth are anticipated including newbuild housing, water management and rail.
Marshall said that during the year, the Group had continued to deliver on the core aspects of its 2020 strategy and that good progress had been made on the self-help capital investment programme, the development of new products and the Group’s digital strategy.
The firm added: “These organic projects have been complemented by the acquisition of CPM with its planned integration on track with our expectations. The progress made on both the 2020 Strategy and with CPM has allowed us to improve the level of our sustainable operating margins.
“Capital discipline remains a key priority and the Group’s positive cash generation has continued.”
The 2017 interim dividend of 3.40 pence per share, announced on 17 August 2017, was paid on 6 December 2017 to shareholders.
