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

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.