Marshalls revenue falls 25% – but June trading stronger

West Yorkshire-based stone and landscaping products firm Marshalls plc said in a trading statement on Thursday its revenue for the six months to June 30, 2020, fell 25% to £210.5 million.

However, the firm said trading in June was better than expected.

“Trading in June was better than expected with revenue 2 per cent ahead of June 2019, with the benefit of 2 extra trading days,” said Marshalls.

“On a like for like basis the June average daily revenue was down 7 per cent compared to the prior year period.

“This is a significant improvement as April was 66 per cent down on a like for like basis.

“This improved level of trading has continued in the early part of July.

“All continuing manufacturing sites are now fully operational and have been reorganised to accommodate appropriate social distancing requirements without any loss of productivity.”

In its outlook, Marshalls said: “Whilst business confidence and market demand remain uncertain, recent trading has been better than expected and continues to improve.

“The restructuring programme and the new bank facilities have served to further strengthen the group and ensure it is well placed both to manage the ongoing impact of COVID-19 and future growth opportunities.

“Our aim is to protect the long term sustainability of the business and to ensure that the group remains focused on its strategic objectives. 

“Against this background the board expects to be able to give a clearer outlook once the trading performance for both July and August have been assessed.

“In the interim, financial guidance remains suspended.”

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