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Strategy for the future
LANDSCAPE specialist Marshalls is reducing its net debt after cost-cutting measures and a rights issue.
The Southowram firm raised 34 million through its recent rights issue.
Its revenue for the six months ending June 30 was 166 million – down 19 per cent compared to the same period last year.
A number of measures have been taken in the past 12 months to reduce the group's cost base at its UK sites, through works closures at Cannock and Sawley in the Midlands and temporary shift reductions.
Marshalls' six month trading update report stated: "The group remains focused on cash conservation.
"Our stock reduction programme is currently ahead of plan and capital expenditure has been reduced inline with plan."
The group's borrowings have fallen to 74 million compared with 111 million at December 31 2008. The report stated: "Group net debt is expected to fall further in the second half of 2009 as the impact of management actions continues to take effect.
"The rights issue has created a more conservative capital structure for the medium term, providing greater financial flexibility."
Marshalls is continuing to raise awareness of its brand in the domestic market.
Its sponsorship of the Chelsea Flower Show played a key role in this, with the firm earning a silver-gilt medal for its show garden, the Marshalls Living Street.
In the public sector and commercial market Marshalls says its strategy continues to be to reinforce its position as a leading landscape products specialist.
The group has won a number of sustainability awards.
The report said: "Cash management, cost reduction and innovation remain the key priorities and, with the benefit of the recent rights issue, the objectives are to maximise short term performance, to emerge from the current economic downturn in a stronger position."
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