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Trading statements

Marshalls confident of meeting 2016 expectations

09 December 2016 07:14

Marshalls is confident of meeting its 2016 expectations.

"Alongside this, the underlying indicators have remained positive in Marshalls' main end markets while order intake and revenue growth remains robust and the positive cash generation reported at the Half Year has continued," it said in a statement.

"Management continue to selectively identify and monitor bolt-on acquisitions in line with our 2020 Strategy. These will only be made if they meet our robust appraisal criteria.

"Looking ahead into 2017, the Board notes the modest growth levels highlighted by the recent Construction Products Association autumn forecasts.

"The Board believes the Group's innovative product range, strong market positions and robust balance sheet mean it is well placed to deliver continued operational and profit improvements."

Marshalls said it continued to be confident in its ability to meet its capital allocation objectives of investing in the core business, rewarding shareholders and maintaining financial prudence.

TRADING PERFORMANCE

"Marshalls' revenue for the 11 months ended 30 November 2016 was up 3 per cent at £375 million (2015: £365 million)," it said in the statement.

"UK revenue since the half year is up 4 per cent compared with the 2015 comparatives, and was particularly strong in the Domestic end market which, in the 5 months ended 30 November 2016, was up 15 per cent.

"Sales to the Domestic end market for the 11 months ended 30 November 2016, which represent approximately 31 per cent of Group sales, were up 10 per cent compared with the prior year period. The survey of domestic installers at the end of October 2016 revealed order books of 11.0 weeks (October 2015: 11.2 weeks) and compared with 11.7 weeks at the end of June 2016.

"Sales to the Public Sector and Commercial end market now represent approximately 64 per cent of Marshalls' sales. Commercial sales are broadly in line with the prior year. Based on public indicators we believe we continue to outperform our peers and gain market share.

"Good progress has been made in the year to deliver the growth initiatives set out in the 2020 Strategy. The self-help programme to support organic growth is advanced and the drive for sustainable operational improvements is proving successful."

Story provided by StockMarketWire.com

Related Company: MSLH

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