Report
Toby Thorrington

Marshalls - Well positioned in sectors with best prospects

FY17 trading was in line with expectations, with good sector performance in the context of wider industry trends. The CPM acquisition should aid another premium growth year in 2018, beyond which the UK economic outlook should be clearer. Rating premia are earned during growth phases, but can also be sustained during less favourable industry conditions via relative outperformance, and this is what we expect to prevail at Marshalls.
Underlying
Marshalls plc

Marshalls and its subsidiaries are engaged in the manufacture and supply of landscape, driveway and garden products using a range of materials including concrete, natural stone, iron, steel, wood, glass and polyurethane, to the domestic and public sector and commercial end markets. Co. operates its own quarries and manufacturing sites throughout the United Kingdom, including a national network of manufacturing and distribution sites. Products are distributed from this network of sites either to customers' depots or, at their request, direct to site.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts
Toby Thorrington

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