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Marshalls, the landscape and garden products firm, said a mixture of appalling weather and tough trading led to a seven per cent drop in revenue over the last year. Current group trading is in line with expectations, the firm added in the update. Revenue for the year ended 31st December 2012 was £309m, down from £334m the year before. Sales to the Public Sector and Commercial end market, which represent approximately 63% of Marshalls' sales, were down 6%. Sales to the Domestic end market, which represent approximately 32% of sales, were down 12% compared with the prior year period. The group's international business continued to make steady progress, the company said, and was now approaching 5% of group sales.
Upgraded by N+1 Singer (to buy from hold), TP upped to 115p from 85p. (Brief news item here via of Broker Forecasts: http://www.brokerforecasts.com/news/article/articleId/4514357) Also from broker forecasts (but no link as its behind their pay-wall): - Numis reiterated add rec TP unchanged at 110p - Peel Hunt reiterated buy rec TP unchanged at 117p - Panmure reiterated hold rec TP unchanged at 95p - Northland reiterated hold rec with 95p TP
Marshalls: Panmure Gordon keeps hold rating and 95p target.
N+1 Brewin lowered its rating for Marshalls (MSLH) from "add" to "hold" with a reduced target price of 85p, from 96p. The paving company's second quarter performance was impacted by record levels of rain, which the broker noted resulted in first half revenues falling by 5% year-on-year to 167 million pounds. Meanwhile, Brewin said that the firm has implemented a number of cost reductions, which it expects will generate annual savings of 4 million pounds
That, as much as the sales figures, probably accounts for the adverse market reaction to the update, with the shares down by 7.125p to 79.75p in the morning session. However, the group said it took some encouragement from a survey of domestic installers at the end of June 2012 which revealed order books of 9.0 weeks (2011: 7.0 weeks) compared with 7.5 weeks at the end of April 2012 (2011: 7.1 weeks).
Overseas, where the weather is behaving itself a bit better, sales now represent 5% of group revenues. Due to the group's £8m in Belgium net debt at the end of June had increased to £84m from £74m the year before, in line with budget expectations. Marshalls recently implemented a restructuring which, though it led to a one-off cash charge of £7m, is expected to generate savings of £4m a year; the second half of the year should see around £1m of those savings start to trickle through. In addition, the group's cash conservation initiatives are expected to reduce cash outflow by £7m, which will reduce net debt compared with the firm's original expectations. There will also be a charge for asset impairments and asset write downs of up to £12m. The above actions have been taken in response to the Construction Products Association Spring Forecast, which points to a 2.9% reduction in UK construction output in 2012 with similar volumes in 2013. "Recent data shows that output has weakened further which is why the above actions are being taken. The Construction Products Association forecasts show growth resuming in 2014," the statement from Marshalls revealed.
Miserable weather in the second quarter of the year has put a real dampener on sales at hard landscaping products provider Marshalls. Marshalls' revenue for the first six months of 2012 of £167m was 5% lower than last year's first half revenue of £177m. The weather impact has resulted in an estimated reduction in sales in the second quarter of around £10m, equivalent to 6 days' installations. The group said underlying sales to the public sector and commercial end market, which represent just under two-thirds of Marshalls' revenues, were down 2% year-on-year but were more or less in line with expectations. It was in the domestic end market where rain stopped pay in the second quarter - an important trading period for the firm. Sales to the domestic end market were down 14% on the corresponding period, with the only consolation being that this has resulted in a backlog building up in the installer order book.
Rain, rain, go away' should be the mantra for landscaping products firm Marshalls, which issues a pre-close trading update on Friday. In its interim management statement in May the firm grumbled about the rainfall in April being an important factor in sales being down that month by £5m on April 2011, so the wettest June in living memory in the UK will not have pleased management. "Construction markets remain subdued with growth only really visible in larger infrastructure schemes where Marshalls is less well exposed. So, it is unlikely that we'll see any market-led improvements," suggests Peel Hunt. "Marshalls remains very active, however, on self-help measures to underpin the revenue while markets are tough. Ultimate recovery in markets and growth from self-help feeding through to high marginal profitability remains the key attraction," the broker added.
I was wondering if mulled wine was the sole holder of shares in this company Dogjig
Northland Capital initiated coverage of landscaping group Marshalls (MSLH), with a 105p target price. The broker noted that the group achieved increased deliveries in the domestic and public & commercial sectors in a flat market, and believes that the householder market is stabilising. Northland added that the firm has been able to offset weak trading conditions through cost reduction and product development. The broker also mentions that while the company's decision to enter the European market is intriguing, it could dilute margins in the short term. The shares jumped 1.75p to 93.25p.
Goldman Sachs downgrades Marshalls from neutral to sell, target price cut from 130p to 80p
Panmure Gordon maintained its "buy" recommendation for Marshalls (MSLH), the producer of patios, with a 145p target price. The broker believes the group is a good quality, well-invested business, led by a highly capable management team, and notes that the decisive action taken during the recession has left the business "well positioned to respond to better market conditions". Operational gearing should mean that profits recover significantly, Panmure added, as sustained sales improvements flow through. Marshalls shares rose 1.75p to 123.5p.
Current trading in line with expectations Trading Performance Marshalls' revenue for the four months ended 30 April 2011 increased by 10 per cent to £113 million (2010: £103 million). Sales to the Public Sector and Commercial end market, which represents approximately 60 per cent of Marshalls' sales, were up 12 per cent and sales to the Domestic end market were up by 7 per cent compared to the prior year. The survey of domestic installers at the end of April 2011 revealed order books of 7.1 weeks (2010: 8.4 weeks; 2009: 7.1 weeks) similar to the 7.2 weeks at the end of February 2011 following the excellent installation conditions this year. Outlook Sales in the first four months of 2011 have continued the positive trend of 2010, however, market uncertainty remains. The outlook for the Public Sector and Commercial end market remains mildly positive and the Domestic end market remains resilient.
http://www.investegate.co.uk/Article.aspx?id=201105110700083310G
Panmure Gordon reiterated its "buy" rating for Marshalls (MSLH), the patio maker, with a 145p target price. Following a meeting with the group's management team, the broker said it emerged with a picture of modest confidence in the business, both from a forward indicator point of view and as a result of work done by management over the past couple of years. That said, with a much lower break-even position, Panmure added, the firm should benefit from significant operational gearing as markets improve.
Panmure Gordon reiterated its "buy" recommendation for patio maker Marshalls (MSLH) with a 145p target price. The group remains, in the broker's view, a high quality business led by a strong management team. Management took decisive action as the market turned down, Panmure said, leaving a much leaner and fitter operation going forward. The company now has a much reduced break even point and, as market volumes recover, the broker expects the business will benefit from operational gearing, driving significant profit improvements. Marshalls shares fell 1.25p to 113.25p.
Commenting on these results, Graham Holden, Chief Executive, said: "Sales have started to turn up following the difficult trading conditions of the previous two years although market uncertainty remains. On balance, the outlook for the Public Sector and Commercial end market is mildly positive. The Domestic end market showed modest growth in the second half of 2010 and installer order books at the end of February 2011 were an encouraging 7.2 weeks."
Highlights · Results in line with January Trading Update · Revenue up 3.7% despite loss of sales from the severe weather at the end of the year · Sales to Public Sector and Commercial up 6%, sales to Domestic up 1% · Dividend maintained at 5.25p reflecting stabilisation of the Group's markets and comfortable cash cover · Gearing down to 33.7% (2009: 38.2%) and interest cover of 4.6 times (2009: 3.8 times) · Operational and financial flexibility to respond to changes in market conditions
http://investegate.co.uk/Article.aspx?id=201103110700067429C
Orders turn up at Marshalls Date: Friday 11 Mar 2011 LONDON (ShareCast) - Severe weather dented paving slab firm Marshalls’ results for 2010, knocking sales at both end of the year by £11m in total, but things are looking better this year. The firm recouped the £6m revenue lost at the start of 2010 but not the £5m lost in December, even so sales rose by 3.7% to £323m. The incremental costs of the severe weather at both ends of the year were approximately £2.8m, which clipped the profits recovery back to £9.2m for the year against a loss of £2.4m. Sales to the Public Sector and Commercial end market, which represent approximately 60% of Marshalls' sales, were up 6% for the full year. Sales to the Domestic end market were up 1% compared to the prior year. Things have improved further this year. “Sales have started to turn up following the difficult trading conditions of the previous two years although market uncertainty remains. On balance, the outlook for the Public Sector and Commercial end market is mildly positive. The Domestic end market showed modest growth in the second half of 2010 and installer order books at the end of February 2011 were an encouraging 7.2 weeks,” Marshalls said. The dividend for the year is 5.25p after an unchanged final of 3.5p.
Paving stones group Marshalls’ full-year results are tipped to show a 4% increase in group sales to £323m and pre-tax profits of just shy of £10m.
At AGM an impressive speech by former boss Andrew Marshall almost caused a show of hands against the over generous remuneration package the executive Directors had been rewarded, set against pay freeze and redundancies suffered by workforce. (would have been overturned but for votes of Directors and associates). A good example of formerly family run outfifs becoming hard nosebut you discount workers loyalty at your peril.
Looking forward to your return. GL
Am only selling these because I need some extra income immediately. I'd really prefer not to, they will recover. Seen this all before and you should just wait it out. As soon as I am able I hope to repurchase shares I am selling now.
I feel the same,I am a small builder and there has definitely been an upturn in enquiries since march started also some of the builders and merchants results have been less than outstanding which would also have a negative effect on marshalls SP i would be looking for 150 by the end of this year wobbs