Marshalls plc (MSLH.L), a specialist Landscape Products Group, reported Friday a loss in its fiscal year 2012, compared to prior year’s profit on restructuring and impairments charges. Adjusted profit declined as revenues were hurt by unprecedented weather conditions and poor market background. The company also announced flat dividend.
Chief Executive Graham Holden said, “Marshalls acted swiftly and decisively to reduce both production output and the cost base whilst retaining substantial operating and financial flexibility. The general economic background remains unpredictable and economic forecasts for 2013 are flat. .. There is no change in our expectations for the current year and the Group continues to remain well placed to achieve growth when market conditions improve.”
In the year 2012, loss before tax was 11.17 million pounds, compared to prior year’s profit of 13.69 million pounds. Loss per share was 2.91 pence, compared to profit of 3.71 pence last year.
Excluding operational restructuring costs and asset impairments of 21.52 million pounds, adjusted profit before tax fell to 10.35 million pounds from last year’s 13.69 million pounds. Adjusted earnings per share was 5.75 pence.
Annual revenues declined 7 percent to 309.7 million pounds from 334.1 million pounds a year ago. The company noted that the record rainfall during 2012 reduced sales in the year by approximately 13 million pounds. This particularly affected the UK Domestic end market in which poor working conditions, over a prolonged period, contributed to a 12 percent reduction in sales.
Further, the company said it is recommending a final dividend of 3.50 pence, giving a total dividend of 5.25 pence for the year, both flat with last year.
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by RTT Staff Writer
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