(Alliance News) - Marshalls PLC on Wednesday backed its annual expectations but reported a decline in revenue in the first nine months of the year.
The West Yorkshire, England-based company makes landscape products such as paving stones, as well as building and roofing products.
The company reported the rate of like-for-like revenue contraction eased to 9% in the third quarter from 13% over the first half. In the first nine months, revenue fell around 2.9% to GBP528 million from GBP544 million a year prior.
Marshalls said trading in the third quarter was in line with its own expectations. It does not anticipate material challenges in current trading patterns in the fourth quarter, eyeing results that are in line with its 2023 expectations.
The firm had taken "decisive actions" to achieve around GBP9 million in annualised savings, including closing a factory, reducing shifts and capacity in other facilities, and reorganising its commercial team focused on simplifying the business.
Marshalls shares rose 6.7% to 211.20 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News reporter
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Marshalls (MSLH)