The Marshalls Plc Board has declared an interim dividend of 2.6 pence per share, which is 54 per cent lower than 2022 (5.7 pence). This reflects the weaker financial performance of the business and the application of the Group's dividend policy to maintain two times cover of adjusted profit after taxation and pay one third of the expected full year dividend at the interim stage. The dividend will be paid on 1 December 2023 to shareholders on the register at the close of business on 20 October 2023. The shares will be marked ex-dividend on 19 October 2023.
Other financial highlights include:
Revenue growth of two per cent over 2022 including an additional four-month contribution from Marley; revenue contracted by 13 per cent on a like-for-like basis
Adjusted profit before tax of £33.2 million, a reduction of 26 per cent on 2022. Profit before tax on a statutory basis was £16.7 million (H1 2022: £23.9 million) including the impact of adjusting items of £16.5 million (H1 2022: £20.7 million)
Group strategy refreshed and being implemented throughout the organisation
Decisive action taken to streamline manufacturing capacity and the cost base, resulting in £9 million of annualised savings
Flexibility maintained in the manufacturing network to respond rapidly to produce higher volumes when market normalises
Net debt of £184.6 million (on a pre-IFRS 16 basis) reduced by £23.6 million since June 2022, with leverage of 1.6 times adjusted EBITDA. Reported net debt of £230.0 million (H1 2022: £252.3 million)
Syndicated bank facility extended by 12 months to April 2027 further improving security of medium-term funding
Exited the Group's Belgian operation allowing the Group to focus on the UK construction market
