‘Sustained increase in demand’ at listed landscape products business

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Manufacturer and landscape products group, Marshalls, says its revenue in the four months ended 30 April 2021 was up 46% at £191m against the same period last year which was hit by the first lockdown (2020: £131m).

This represents an increase of 6% compared with the same four-month period in 2019.

Marshalls, which is based in Elland, adds the key drivers of this growth have continued to be strong demand in the domestic end market, improved trading in the public sector and commercial end market and further growth in the international market.

Sales to the domestic end market, which represented approximately 30% of Group sales were £57m.

This is an increase of 99% compared with the prior year comparative and is up 20% compared with the same period in 2019.

Sales to the public sector and commercial end market for the four months ended 30 April 2021 were £122m – 64% of Group sales.

This represents an increase of 32% compared with the prior year and a slight increase against the same four-month period in 2019.

And sales in the company’s international business for the four months ended 30 April 2021 increased by 27% compared with 2020 and 32% compared with 2019.

Marshalls says it retains a strong balance sheet supported by a flexible capital structure and maintains good headroom, which will support its investment priorities going forward.

As of 30 April 2021, the Group had net debt of £98m (2020: £112m; 2019: £122m). On a pre-IFRS 16 basis net debt was £52m (2020: £69m; 2019: £82m).

Bank facilities are now at pre-COVID-19 levels and total £165m, of which £140m are committed.

A Marshalls spokesman said: “Trading continues to improve and order books are currently strong.

“The Board remains focused on developing future growth opportunities and delivering the strategic objectives set out in the five-year Strategy, whilst ensuring operations incorporate health and safety practices that go ‘over and above’ current recommended COVID-19 guidelines.

“The Board is encouraged by the sustained increase in demand during the first four months of the financial year and now expects trading for the full year to be ahead of its previous expectations.”

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