Commercial Hard Landscaping & Construction Consumer Gardens & Driveways Corporate Home Investor Relations Financial Performance Company Background Primary Country Listing - UK Status - Full Index - FTSE Small Cap, FTSE All Share Sector - Construction & Materials Epic - MSLH Activities Marshalls is the UK’s leading hard landscaping manufacturer supplying superior natural stone and innovative concrete products to the construction, home improvement and landscape markets since the 1890's. Our objective is to create integrated landscapes which promote wellbeing to the benefit of everyone. So, whether it is through fairly traded stone, providing products which alleviate flood risks, enabling our business partners to share in our success or creating innovative street furniture that protects us from attack, we proudly strive to make our world a better place. Marshalls operates its own quarries and manufacturing sites throughout the UK, including a national network of manufacturing and distribution sites, and has operations in Belgium and sales representation in other international markets. As a major plc, Marshalls is committed to quality in everything it does, including the achievement of high environmental and ethical standards and continual improvement in health and safety performance. Marshalls is a complete external landscaping, interior design, paving and flooring products business. From planning and engineering, to guidance and delivery. Overview from annual report Results before operational restructuring costs and asset impairments 31/12/2020 31/12/2019 Revenue £469.5m £541.8m EBITDA £57.6m £103.9m Adjusted Operating profit £27.2m £73.7m Pre-tax profit £22.5m £69.9m EPS - basic 8.60p 29.36p Recommended final dividend 4.30p - ROCE 8.2% 21.4% Net Debt £75.6m £60.0m Net debt - pre-IFRS 16 £26.9m £18.7m Adjusted Operating Profit £27.2m £73.7m Operational restructuring costs and asset impairments £(17.8)m - Statutory Operating Profit £9.4m £73.7m Statutory results Statutory results 31/12/2020 31/12/2019 Statutory operating profit £9.4m £73.7m Profit before tax £4.7m £69.9m Basic EPS 1.19p 29.36p Financial Performance 5 Year History Consolidated Income Statement Consolidated Income Statement Year to December 2016 £'000 Year to December 2017 £'000 Year to December 2018 £'000 Year to December 2019** £'000 Year to December 2020** £'000 Revenue 396,922 430,194 490,988 541,832 469,454 Net operating costs (349,283) (376,755) (426,154) (468,151) (442,272) Operating profit (before operational restructuring costs and asset impairments) 47,639 53,439 64,834 73,681 27,182 Operational restructuring costs and asset impairments - - - - (17,809) Operating profit 47,639 53,439 64,834 73,681 9,373 Financial income and expenses (net) (1,593) (1,388) (1,899) (3,828) (4,720) Profit before tax (before operational restructuring costs and asset impairments) 46,046 52,051 62,935 69,853 22,462 Profit before tax 46,046 52,051 62,935 69,853 4,653 Income tax (expense) (8,539) (9,925) (11,307) (11,942) (2,095) Profit for the financial year 37,507 42,126 51,628 57,911 2,558 Profit for the attributable to: Equity shareholders of the parent 37,350 42,503 51,958 58,240 2,370 Non-controlling interests 157 (377) (330) (329) 188 - 37,507 42,126 51,628 57,911 2,558 Financial Information Financial Information Year to December 2016 £'000 Year to December 2017 £'000 Year to December 2018 £'000 Year to December 2019** £'000 Year to December 2020** £'000 EBITA* 48,648 54,581 66,593 76,104 12,092 EBITA (before operational restructuring costs and asset imapirments) 48,648 54,581 66,593 76,104 29,901 EBITDA* 60,794 67,895 80,792 103,875 39,809 EBITDA (before operational restructuring costs and asset imapirments) 60,794 67,895 80,792 103,875 57,618 Basic - earning per share (pence) 18.95 21.52 26.29 29.36 1.19 Basic earnings per share (before operational restructuring costs and asset impairments) 18.95 21.52 26.29 29.36 8.60 Dividends per share (pence) - IFRS 9.65 12.20 14.80 4.70 Dividends per share (pence) - traditional 8.70 10.20 12.00 4.70 4.30 Dividends per share (pence) - supplementary 3.00 4.00 4.00 Year end share price (pence) 292.5 454.9 464.8 860.0 748.5 Tax rate (%) 18.5 19.1 18.0 17.1 45.0 * EBITA is defined as earnings before interest, tax and amortisation of intangibles. EBITDA is defined as earnings before interest, tax, amortisation of intangibles and depreciation. Consolidated Balance Sheet Consolidated Balance Sheet 2016 £'000 2017* £'000 2018* £'000 2019** £'000 2020** £'000 Non-current assets 193,393 248,055 302,785 350,035 324,416 Current assets 139,685 166,372 210,776 212,534 290,013 Total assets 333,078 414,427 513,561 562,569 614,429 Current liabilities (87,068) (109,507) (141,190) (162,349) (157,158) Non-current liabilities (28,889) (67,293) (105,656) (104,454) (169,423) Net assets 217,121 237,627 266,715 295,766 287,848 Net borrowings 5,413 (24,297) (37,433) (59,976) (75,566) Gearing ratio -2.5% 10.2% 14.0% 20.3% 26.3% * The comparatives have been restated as a result of a reassessment of the fair value of assets and laibilities acquired. ** The Group applied IFRS16 "Leases" with effect from 1 January 2019 and consequently the information disclosed above includes the impact of adoption. 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