Marshalls revenue falls to £469m, but strong 2021 start

Elland, West Yorkshire-based stone and landscaping firm Marshalls plc on Thursday published its results for the year to December 31, 2020, showing revenue fell 13% to £469.5 million and statutory profit before tax fell 93% to £4.7 million.

Before operational restructuring costs and asset impairments, profit before tax was down 68% to £22.5 million.

However, the firm said trading has started strongly in 2021 and its board is raising its expectations for 2021.

Marshalls is re-instating dividends, with a final dividend of 4.30p recommended.

In its outlook, Marshalls said: “At the end of February, sales are up 7 per cent and orders are up 12 per cent compared to same period in 2020.

“The CPA’s winter base case scenario predicts an increase in UK market volumes of 14.0 per cent in 2021 and 4.9 per cent in 2022.

“Despite wider market uncertainty, the underlying indicators in our main growth markets of new build housing, road, rail and water management remain positive.

Although market demand remains uncertain, we remain focused on developing future growth opportunities and delivering the strategic objectives in our 5 year strategy.

“Our strategy continues to be underpinned by strong market positions, focused investment plans and an established brand.

“Marshalls’ liquidity is strong and will support our investment priorities going forward.

Encouraged by the strong trading performance, the board is raising its expectations for 2021.”

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