Landscaping firm Marshalls has posted record revenues while its £535m takeover of Marley Group continues to reap the benefits.
In the first four months of 2022, Marshalls’ group revenue went up 7 per cent to £201m, with £137m of public sector and commercial sales accounting for 68 per cent of the group”s total.
The group’s balance sheet also remains strong, as Marshalls narrowed its net debt by 12 per cent to £86m, even thought it took a four-year loan worth £210m to support the takeover of Marley.
“On a pro forma basis, the group expects to maintain a net debt to EBITDA multiple of less than 1.5 times on both a reported and a pre-IFRS 16 basis for 2022,” Marshalls said in a statement.
“Good headroom is maintained against the new bank facility and its covenants, which will support investment priorities going forward.”
Marshalls made the headlines late last month when it swooped in and bought roof specialist Marley for £535m.
The “strategically important” acquisition has since reaped the benefits as Marshalls’ board increased its 2022 forecasts “to include a material contribution from the acquisition of Marley.”