off-the-wire

UPDATE 1-UK's Marshalls expects to miss full-year outlook

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Recasts lede to add full-year expectations, adds background on housing market in paragraph 3, details total group revenue for four months in paragraph 5) May 9 (Reuters) - Britain's Marshalls plc said on Tuesday it expects to miss its full-year expectations after it saw its revenue for the January-April period contract on a like-for-like basis in an uncertain macroeconomic environment.


The landscaping, building and roofing products supplier added that the drop in new house building and the continued weakness in repairs, maintenance and investment (RMI) activity in private housing contributed to the fall in its revenue.


Britain's housing market has slowed sharply over the past six months due to higher interest rates and bond market turmoil during Liz Truss's brief period as prime minister. On a like-for-like basis, group revenue for the four months ended April 30 fell by 14%, the company said in a trading statement. However, total group revenue for the period was up 12% from a year ago helped by the acquisition of Marley Group & Fundraising last year.
(Reporting by Radhika Anilkumar in Bengaluru; Editing by Savio D'Souza and Janane Venkatraman)

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