FY15 results showed further signs of the group gaining momentum in both reported numbers and business prospects. Having regained prerecession levels of profitability, management has laid out a clear growth agenda founded on strong market positions. The company is a premier UK focused play offering good growth in earnings, cash and dividends.
Strong progress anticipated and delivered
Marshalls' (LON:MSLH) rating is on a growth footing; FY15 results did not disappoint with PBT +57%, EPS +41% and DPS +19% (+50% including a supplementary 2p declared). Moreover, this translated to a good cash performance, leaving the group modestly geared. As reported at H115, pension exposures have been well managed and no deficit recovery cash payments are anticipated (vs £4.4m paid in FY15). With some underperforming areas fixed and now contributing to profit under a consolidated brand umbrella, Marshalls is progressing across a wider front.
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