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Shares in landscaping products specialist Marshalls (LON:MSLH) shot up by 13.54% to 479.60p (as of 14:15 BST) after the company’s pre-tax profits for the first half of the year grew by 12% to £32.5 million. Management said that revenues had also improved by 12% over the period despite very unfavourable weather conditions.
The firm remains confident in meeting its 2018 guidance and believes that its product range and strong market position should ensure long term growth. The board has announced an interim dividend of 4p per share, up from 3.40p last year.
Chief Executive Martin Coffey commented that: “The Group continues to outperform the Construction Products Association’s (“CPA”) growth figures, despite ongoing macroeconomic uncertainty. The CPA’s recent Summer Forecast predicts a decrease in UK market volumes of 0.6 per cent in 2018, followed by an increase of 2.3 per cent in 2019, while the underlying indicators in the New Build Housing, Road, Rail and Water Management markets remains supportive. Recent trading has been very strong with both June and July revenues up 21 per cent against the prior year period.”