Business
Interim Results
Interim Results.
About this update from Marshalls Plc
[{"type":"text","content":"\n RNS Number : 2656C Marshalls PLC 29 August 2008 \n \nEmbargoed until 7.00am on Friday 29 August 2008\n\nHalf year results for the period ended 30 June 2008\n\nMarshalls plc, the specialist Landscape Products Group, announces its half year trading performance.\n\nFinancial Highlights\n\n\n\n\n\n\n\n\n Half year ended\n30 June 2008\n\n\nHalf year ended\n30 June 2007\n\n\nIncrease / (Decrease)\n %\n\n\n\n\nRevenue\n \n\n\n£211.1m\n\n\n£209.9m\n\n\n0.6\n\n\n\n\nEBITDA\n \n\n\n£38.1m\n\n\n£40.9m\n\n\n(6.8)\n\n\n\n\nOperating profit\n \n\n\n£26.8m\n\n\n£30.5m\n\n\n(12.2)\n\n\n\n\nProfit before tax\n \n\n\n£22.7m\n\n\n£27.4m\n\n\n(17.1)\n\n\n\n\nBasic EPS\n \n\n\n11.76p\n\n\n13.80p\n\n\n(14.8)\n\n\n\n\nInterim dividend per share\n\n\n4.55p\n\n\n4.55p\n\n\n-\n\n\n\n\n\n\n\nStrategy adapted to focus on sales opportunities in growth markets, accelerating cost reductions and conserving cash to retain financial flexibility.\n\n\nFocus on Public Sector and Commercial market which, at approaching 60 per cent of Group revenues, remains robust.\n\n\nSmaller Domestic market is more challenging.\n\n\nAccelerated closure of two manufacturing units which will reduce the fixed cost base by £3.5 million. One-off charge of £8.0 million expected in the second half, of which £3.5 million is cash.\n\n\nSale of surplus properties contributed £2.2 million to profit and realised £11.1 million in cash which has been applied to fund growth capital and investments.\n\n\nInterim dividend maintained at 4.55 pence per share.\n\n\n\nNote: An Independent Review Report provided by the Auditors is attached to this Statement.\n\nCommenting on these results, Graham Holden, Chief Executive, said: \n\n'Marshalls has an experienced management team which, in response to the difficult market environment, has moved swiftly to refocus the business and reduce the cost base. Our balance sheet is strong, our business is well invested and our brand recognition is high.\n\nThe Public Sector and Commercial market is robust with good visibility and we are applying our energies to the sales opportunities, whilst continuing to serve the quieter Domestic market.'\n\nEnquiries:\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nGraham Holden\n\n\nChief Executive\n\n\n &...