Marshalls hit by second-quarter downpour

Marshalls, the landscape, driveway and garden products firm, says it's been hit by the wettest second quarter on record and a deteriorating outlook for the construction sector.

Revenue for the six months ended June 30th was £167.5m, a decrease of 5% on the same period of last year.

Sales to the public sector and commercial markets, which represent 62% of sales, were down 2% but sales to the UK domestic market (34% of sales) were down 14% compared with the prior year.

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The record rainfall seen between April and June resulted in approximately £10m in lost sales.

"Continued progress" has been made in developing the International business which is approaching 5% of group sales.

Commenting on the results, Marshalls' Chief Executive, Graham Holden, said: "Despite the weakness in the economy Marshalls continues to strengthen its market position and there has been an improvement in underlying trading margins."

At 09:59 the shares were down 1.2% and have now fallen 11.6% so far in 2012.

BS