Forum

Marshalls' revenue from continuing operations for the year ended 31 December 2013 was up 2 per cent at £306 million (2012: £301 million) and compares with a 4 per cent reduction at the Half Year. Revenue for the six months to 31 December 2013 was up 9 per cent compared with the second half of 2012. Growth has been seen in the second half in Public Sector and Commercial and in Domestic with both end markets performing well. Current Group trading continues to be in line with expectations.

Sales to the Public Sector and Commercial end market, which represent approximately 63 per cent of Marshalls' sales, were up 1 per cent for the year, on a continuing basis, compared with 2012 reflecting the anticipated improved market conditions in the second half.

Sales to the Domestic end market, which represent approximately 32 per cent of Group sales, were also up 1 per cent compared with the prior year. The survey of domestic installers at the end of October 2013 continued to strengthen and revealed order books of 11.0 weeks (2012: 8.7 weeks) notwithstanding the increased activity of the last six months. Although the GfK's Consumer Confidence index remains negative, it is significantly improved from this time last year.

Sales in the International business have increased by 23 per cent in the year ended 31 December 2013. Continued progress is being made in developing the International business and, despite difficult trading conditions in Western Europe, underlying sales activity levels continue to be encouraging.

Cash realised from the sale of the Aggregates businesses and continued control of inventory and capital expenditure has resulted in a reduction in year end net debt to £36 million (2012: £63 million).