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Marshalls
is the UKs leading manufacturer of innovative concrete, clay and natural
stone products which transform the built environment
http://www.marshalls.co.uk
Marshalls
plc, the specialist Landscape Products Group, announces its full year results
Financial
Highlights
Year
ended 31 December 2009 Year ended
31
December 2008
Results
before works closure costs,
goodwill and intangible asset impairments and redemption of
debenture:
Revenue
£311.7m £378.1m
EBITDA
£36.1m £52.9m
Operating
profit £16.4m £30.6m
Profit
before tax £12.1m £22.5m
Basic
EPS* 5.38p 10.38p
Dividends
declared and paid* 3.05p 12.38p
Final
dividend recommended* 3.50p 1.30p
Reported
results:
Operating
profit £9.2m £3.6m
Loss
before tax £(2.4)m £(4.5)m
Basic
EPS* (0.42)p (3.98)p
*
EPS and dividend per share have been adjusted to reflect the "bonus factor"
inherent in the Rights Issue
Key
features of 2009:
=
Resilient performance in challenging market conditions and well positioned
for recovery
=
Major restructuring complete, now focussed on operational optimisation
·
Cost base reduced by £11.4m
·
Installed capacity sufficient for medium term, operating flexibility increased
=
Reinforcing focus on customer service
·
Product availability and on time delivery industry leading
·
Additional support for distributors and installers of our products
=
Innovation continues
·
Integrated product offers for education and rail
·
Selective investment to launch new products
=
Financial flexibility - robust balance sheet and borrowings reduced
·
Completion of Rights Issue raising £34.0m (net of expenses)
·
Redemption of £20.0m debenture to reduce finance charges by £1.7m
per annum
·
Strong cash generation with free cash flow of £35.3m
·
Net debt reduced to £69.2m
Commenting
on these results, Graham Holden, Chief Executive, said:
"There
is still market uncertainty, not least because of the impending election.
We have responded by building flexibility into the business, whilst retaining
sufficient capacity for the medium term so that we can react quickly and
effectively to changing market conditions.
In
a difficult market we have achieved a resilient performance and are well
positioned for an upturn. We are managing the business tightly and
have significantly reduced our cost base. Cash generation has been
strong. We are investing selectively in the business to develop new
products and new markets and to build on the strong Marshalls brand."
Enquiries:
Graham
Holden
Chief
Executive
Marshalls
plc
01484
438900
Ian
Burrell
Finance
Director
Jon
Coles
Brunswick
Group LLP
0207
404 5959
Kate
Miller
Group
Results
Marshalls'
revenue for the year ended 31 December 2009 was £311.7 million (2008:
£378.1 million) from three fewer working days compared with 2008.
On a like for like basis the underlying daily sales revenue for the full
year was down 16.1 per cent with a degree of stabilisation in the second
half. Sales to the Public Sector and Commercial end market, which
represent approximately 58 per cent of Marshalls' sales, were down 17.5
per cent for the full year and sales to the Domestic end market were down
12.9 per cent compared to the prior year.
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