Why has nobody spotted belter!!
Moving nicley up and up fantastic results last time round - bid poss too.
Any takers?

Trading Update: 10 December 2015

Improved full year outlook driven by ongoing performance gains

Trading Performance

Marshalls' revenue for the eleven months ended 30 November 2015 was up 8 per cent at £365 million (2014: £338 million) despite strong comparatives versus the second half of 2014. The Group continues to experience robust order intake alongside encouraging sales growth in its main end markets and overall trading momentum continues to be positive.

Sales to the Public Sector and Commercial end markets, which now represent approximately 66 per cent of Group sales, were up 11 per cent compared with the prior year period. Commercial work from Water Management, Street Furniture, Rail and Newbuild Housing continues to increase and the Group continues to outperform the market in these areas.

Sales to the Domestic end market, which represent approximately 29 per cent of Group sales, were up 3 per cent compared with the prior year period. The survey of domestic installers at the end of October 2015 revealed order books of 11.2 weeks (October 2014: 11.9 weeks) and compares with 12.0 weeks at the end of June 2015.

Adjusting for currency movements, revenues from the International business, representing approximately 5 per cent of Group sales, increased by 2 per cent in the eleven months ended 30 November 2015. Due to the adverse movement in exchange rates, however, this translated to a fall of 5 per cent once converted into sterling. The Group has made continued progress in developing the International business, and the opening of a sales office in Dubai, which will facilitate further sales growth in the Middle East, is now well advanced.

Continued performance improvement has been delivered in the smaller UK businesses and revenue for the eleven months ended 30 November 2015 was up 14 per cent. The smaller UK businesses include Street Furniture, Mineral Products and Stone Cladding. The turnaround in these smaller UK businesses in the year to date is ahead of our previous expectations with a consequent improvement in profitability of approximately £1m now expected for the current financial year.

There has been continued focus and consequent improvement in working capital management.

Dividend

The 2015 interim dividend of 2.25 pence per share, announced on 28 August 2015, was paid on 4 December 2015 to shareholders registered at the close of business on 23 October 2015.

Outlook

The strength of trading in the last quarter of the year has resulted in the Board revising its expectations for the current year to be ahead of its previous view.

The Construction Products Association's Autumn Forecast predicts growth in UK market volumes of 3.6 per cent in 2015 and 3.8 per cent in 2016, which represents a slight decrease compared with the previous Summer Forecast. Notwithstanding this, the Group remains well positioned to grow organically, and selectively through acquisitions, and continues to invest in product innovation and service delivery initiatives to deliver improved trading margins and increased return on capital employed.

Good bounce up today.LATEST BROKER VIEWS

Date Broker New target Recomm.
10 Dec Numis 400.00 Add
10 Dec Panmure Gordon 370.00 Buy
10 Dec Peel Hunt 355.00 Buy
30 Nov Peel Hunt 350.00 Buy
28 Aug Panmure Gordon 370.00 Buy
28 Aug Numis 350.00 Add
6 Jul Panmure Gordon 320.00 Buy
21 May Jefferies... 340.00 Buy
20 May Numis 313.00 Add
20 May Panmure Gordon 320.00 Buy
Broker Recommendations for Marshalls

LATEST BROKER VIEWS

Date Broker New target Recomm.
11 Mar Numis 400.00 Buy
11 Mar Panmure Gordon 370.00 Buy
11 Mar Peel Hunt 355.00 Buy
15 Feb Peel Hunt 366.00 Buy
10 Feb Peel Hunt 355.00 Buy
8 Feb Peel Hunt 355.00 Add
8 Jan Peel Hunt 355.00 Buy
10 Dec Numis 400.00 Add
10 Dec Panmure Gordon 370.00 Buy
10 Dec Peel Hunt 355.00 Buy
Broker Recommendations for Marshalls

RNS Number : 7570R
Marshalls PLC
11 March 2016



Preliminary results for the year ended 31 December 2015

Marshalls plc, the specialist Landscape Products Group, announces its full year results for the year ended 31 December 2015.

Financial Highlights

Year ended
31 December
2015
Year ended
31 December
2014
Increase
%




Revenue
£386.2m
£358.5m
8
EBITDA
£51.8m
£38.5m
35
Operating profit
£37.5m
£25.3m
48
Profit before tax
£35.3m

£22.4m
57
Basic EPS

14.32p
10.13p
41
Total dividends - ordinary and supplementary
9.00p
6.00p

Final dividend - recommended
Supplementary dividend - recommended

ROCE

Net debt to EBITDA
4.75p
2.00p

19.0%

0.2 times
4.00p
-

12.5%

0.8 times
19


650
basis points

Highlights:
· Revenue increased by 8 per cent to £386.2 million (2014: £358.5 million) as a result of volume growth driven by strong demand
· Strong profit before tax growth of 57 per cent to £35.3 million (2014: £22.4 million)
· Improvements in operating margins to 9.7 per cent (2014: 7.1 per cent) due to greater operational gearing
· Return on capital employed improved 52 per cent (650 basis points) to 19.0 per cent (2014: 12.5 per cent) as a result of both greater profits and tighter capital management
· Basic EPS up 41 per cent to 14.32p (2014: 10.13p)
· Final dividend for 2015 recommended of 4.75 pence per share which represents an increase of 19 per cent for the year.
· In addition, we have recommended a supplementary dividend of 2.00 pence per share
· Implementation of a wide-ranging digital strategy, including the creation of web and mobile applications and data mining techniques to identify market trends
· New strategic vision to drive continued growth out to 2020

Current priorities:
· To improve operational efficiency and promote innovation
· To further strengthen the Marshalls brand by delivering systems-based solutions, service excellence and new product development
· To grow our business both organically and selectively through acquisitions
· To continue to develop and invest in our strategic growth initiatives, particularly in Water Management, Street Furniture, Rail and New Build Housing

2020 Strategy:
Phase 1 of our strategy to return to pre-recession profitability has now been achieved. The next phase of our strategy, which will take us to 2020, has now been determined. The Board intends to build on the progress delivered in recent years and to take advantage of the supportive market environment. A series of initiatives and actions to both drive sales growth and improve operational efficiencies have been agreed. These are detailed below and include:

· A supportive market environment through to 2020
· Achieve price increases to cover cost increases
· Additional capital investment programme of £15 million to deliver cost savings of £5 million per year
· Achieve sales growth for the smaller UK businesses of at least 10 per cent per annum
· New product development to accelerate annually
· Increased investment in digital strategy
· Acquisition strategy to enhance this organic growth
· Our 2020 strategy will drive long term growth and shareholder returns

Commenting on these results, Martyn Coffey, Chief Executive, said:

"This has been another good year for Marshalls with significant revenue and profit growth delivered in 2015. This has been matched by a strong cash performance resulting in the increased dividend for this year. Trading conditions remain positive and the Group continues to experience positive order intake and sales growth across the business.

Whilst there remain political and economic uncertainties, the outlook remains good with the CPA's current forecast for construction output standing at 3.6 per cent growth in 2016 and growth of 4.1 per cent, 4.2 per cent and 4.0 per cent respectively in the following 3 years. I am pleased to report that 2016 has started well with order intake up 6 per cent against strong comparators and the Group is well placed to build on the strong momentum generated in 2015 as we continue to see the combined benefits of Marshalls' operational gearing and the Group's growth strategy."

Trading Update: 18 May 2016

Trading Performance

The underlying indicators within the business remain strong and the Board is confident of achieving its expectations for 2016 through continuing good operational margin performance.

Marshalls' UK revenue for the 4 months ended 30 April 2016 was up 1 per cent at £120 million (2015: £119 million). This increase is against strong comparatives for 2015 and reflects a slight softening in Commercial sales over the last 2 months. The Group has maintained its market share during this period although some customer projects have been delayed in response to short term uncertainty in the wider economy as highlighted by the Construction Products Association's ("CPA") most recent industry data.

Sales in the Public Sector and Commercial end market, which represented approximately 64 per cent of Marshalls' total sales, were in line with the prior year period. The Group continues to target those parts of the market where higher levels of growth are anticipated, such as Rail, Newbuild Housing, Water Management and Street Furniture.

Sales in the Domestic end market, which represented approximately 31 per cent of Marshalls' total sales, were up 4 per cent compared with the prior year period. The survey of domestic installers at the end of April 2016 revealed order books of 12.4 weeks (2015: 10.6 weeks) and compared with 10.5 weeks at the end of February 2016. At 12.4 weeks, this is the highest order book to be reported at this time of year.

The pipeline for major UK infrastructure projects remains strong and the construction schedule has extended. Furthermore, orders received in the Commercial end market, representing almost £4 million more than sales in the period, have not been fulfilled as expected reflecting caution from clients regarding the wider economy. The wet ground conditions early this year have deferred progress on many construction sites in both Commercial and Domestic end markets. Whilst local government landscape spend is subdued, this should eventually return. Indian Sandstone import prices have fallen over the year, however, we reduced our prices and thus our revenue and have maintained margins. The market in Europe remains challenging and International revenue for the 4 months ended 30 April 2016 represented 5 per cent (2015: 6 per cent) of Marshalls' total sales.

The Group continues to deliver strong operational cash flows through the continuation of the close control of inventory and the effective management of working capital. Net debt at 30 April 2016 was £33.5 million (2015: £60.7 million).

A key focus of the 2020 Strategy announced in March this year is to deliver organic growth through capital investment projects and operational efficiency initiatives; these initiatives are progressing well. Targeted bolt-on acquisitions are expected to complement the organic growth within the 2020 Strategy and progress continues to be made in this area.

Outlook

The CPA's Spring Forecast predicts growth in UK market volumes of 3.0 per cent in 2016 and growth of 3.6 per cent in 2017. This reflects a slight downward revision from the Winter Forecast although the CPA continues to highlight strong fundamentals across the Construction sector.

Marshalls remains well placed to deliver the growth initiatives set out in the 2020 Strategy and the Group continues to derive benefits from its operational gearing together with driving through sustainable cost reductions and improvements in operational efficiency.

The Board is confident of achieving its expectations for 2016 and believes the outlook for the Group continues to be positive.

Drop seems a bit harsh, gone long on the spreads.

Date Broker New target Recomm.
9 Dec Numis 365.00 Add
9 Dec Peel Hunt 355.00 Buy
5 Dec Jefferies... 340.00 Buy
1 Nov Jefferies... 300.00 Buy
18 Oct Peel Hunt 355.00 Buy
7 Oct Panmure Gordon 291.00 Buy
30 Aug Canaccord... 295.00 Hold
30 Aug Peel Hunt 355.00 Buy
26 Aug Canaccord... 270.00 Hold
26 Aug Numis 400.00 Buy
Broker Recommendations for Marshalls

All issued after today's update.

Numis Add 299.45 - 365.00 Downgrades

Peel Hunt Buy 299.45 355.00 355.00 Retains

Marshalls lifts FY pretax profit and divi

StockMarketWire.com

Marshalls, the specialist landscape products group, has bumped up its FY pretax profit and total dividend, with revenue also rising.

"The group has again delivered significant profit growth in 2016 with the underlying indicators remaining supportive in Marshalls' main end markets," said CEO Martyn Coffey in a statement."

Revenue was up 3% to �396.9m, with pretax profit up 31% to �46.0m and total dividend up 30% to 11.7p a share.

"Marshalls has a strong balance sheet and the Group's innovative product range and strong market positions mean it is well placed to deliver continued growth and operational profit improvements as it implements its 2020 Strategy," said Coffey.

"Sales and order intake have been strong in the first couple of months of 2017," he added, noting the Construction Products Association's recently published Winter Forecast reflected a slight improvement in medium term growth assumptions compared with the Autumn Forecast.