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(Alliance News) - Marshalls PLC on Thursday hailed a "robust" first half but is mindful of economic uncertainty, as it expects full year expectations to be in line with market forecasts.
For the six months that ended on June 30, the Elland, West Yorkshire-based landscaping products said revenue climbed 17% to GBP348.4 million from GBP298.1 million a year earlier, reflecting "two months contribution from Marley and growth of 7% on a like for like basis."
Back in April, Marshall agreed to buy pitched roof system manufacturer Marley Group PLC for GBP535 million. The acquisition was completed later that month.
The firm's pretax profit dropped 38% year-on-year to GBP23.9 million from GBP38.9 million, as net operating costs climbed 25% to GBP321.1 million from GBP257.1 million.
Adjusted earnings before interest, tax, depreciation and amortisation rose 14% to GBP64.2 million from GBP56.4 million a year earlier.
Chief Executive Officer Martyn Coffey said: "Looking forward, the board acknowledges that the macro outlook is becoming less certain due to geopolitical events driving up inflation and adversely impacting consumer confidence. Notwithstanding this, the board's expectations for the group as a whole remain in line with market expectations for the full year, with the more positive backdrop within Marshalls Building Products and Marley expected to balance the continuation of tougher trading conditions in Marshalls Landscape Products, which has greater exposure to the discretionary element of private housing RMI."
Marshalls upped its dividend by a third to 5.7 pence per share from 4.3p a year prior.
Looking ahead, the FTSE-250 company said it remains confident that it will deliver long-term growth.
Shares were down 1.1% at 450.40 pence each on Thursday morning in London.
By Xindi Wei; xindiwei@alliancenews.com
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