Marshalls hikes pre-tax profit by 72%

LANDSCAPE products business Marshalls has reported a 72% rise in pre-tax profits to £22.4m and expects further progress in 2015 “against a background of continuing favourable market conditions”.

The Elland-headquartered business saw revenues rise to £358.5m in the year to December 31, up 17% from £307.4m.

The company, whose final dividend increased by 14% to 4.00p, said a current priority was to grow the business both organically and selectively through acquisitions.

Martyn Coffey, chief executive, said: “2014 has been a strong year for Marshalls with significant revenue and profit growth. Trading conditions remain positive and the group continues to experience strong order intake and sales growth in all its end markets.

“The market outlook remains strong with the CPA’s [Construction Products Association] current forecast for construction output standing at 5.3% growth in 2015 and growth of 4.2%, 3.4% and 3.9% in the following three years.

“2015 has started well with sales in January and February up 13% against the prior year comparatives. We are planning for further progress in 2015 against a background of continuing favourable market conditions.”

Marshalls also announced its intention to appoint an additional non-executive director, Janet Ashdown, to the board.

Ms Ashdown is a non-executive director of SIG and Coventry Building Society. She was previously a non-executive director of Essar Oil UK.

Her executive career included 30 years with BP, most recently as director, BP Oil and head of UK retail and commercial fuels. Between 2010 and 2012 she was CEO of Harvest Energy, UK, part of the Blue Ocean Associates group and was also president of the UK Petroleum Industry Association.

Andrew Allner, chairman of Marshalls, said: “The board is delighted to welcome Janet Ashdown as a non-executive director. Janet has a wide range of skills and experience and will be a valuable addition to the board.”