Marshalls sales down 16% in 2009

Landscaping products firm Marshalls' preliminary end-of-year figures point to a sharp reduction in sales in 2009.

Marshalls' revenue for the year ended 31 December 2009 was £311.7m (2008: £378.1m).
Sales revenue for the full year was down 16.1%. Sales to the public sector and commercial end market, which represent approximately 58% of Marshalls' sales, were down 17.5% for the full year and sales to the domestic end market were down 12.9% compared to 2008.

The firm says it is now in a good position to grow as the market recovers.

It reduced its costs by £11.4m by closing four manufacturing sites since June 2008, which are now largely complete, and this resulted in annual cost savings of approximately £8m per
annum.

In addition, the landscape installations operations were closed saving a further £3.4m.

Marshalls chief executive Graham Holden said: "There is still market uncertainty, not least because of the impending election. We have responded by building flexibility into the business, while retaining sufficient capacity for the medium term so that we can react quickly
and effectively to changing market conditions.
"In a difficult market we have achieved a resilient performance and are well positioned for an upturn. We are managing the business tightly and have significantly reduced our cost base. Cash generation has been strong.
"We are investing selectively in the business to develop new products and new markets and to build on the strong Marshalls brand."

 


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