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Marlowe earnings boosted by 44% rise in sales

By BFN News | 09:05 AM | Tuesday 12 May, 2020


Safety-focused company investor Marlowe said it expected to post 'substantial' earnings growth for the financial year just completed, in line with market expectations, amid a jump in sales. Revenue for the year through March was seen rising 44% to £185m, including organic revenue growth of 7%. Adjusted earnings before interest, tax, depreciation and amortisation wold meet market expectations and demonstrate 'good margin expansion', Marlowe said. The company completed eight acquisitions in the year, deepening its presence in existing markets and broadening its safety and compliance capabilities into both HR and employment law compliance and occupational health. 'As stated in our update of 31 March, Covid-19 has resulted in some impact on our operations where staff were unable to gain access to certain client sites in order to complete contracted work,' Marlowe said. 'However, given the non-discretionary nature of our services - and the key worker designation of Marlowe's field staff under UK government guidance - we have continued to operate effectively, whilst implementing enhanced employee safety protocols and taking cost reduction measures to mitigate the impact on profitability and optimise cash flow.' 'Site access issues have begun to improve in recent weeks and, given the regulations that govern the requirement for our services and ensure that our clients operate safely and compliantly, we expect the majority of works deferred by customers to be recovered in the months ahead.' 'Parts of the Group, including employment law, HR compliance, occupational health and certain water hygiene activities, continue to experience an increased demand for services.' At 9:05am: (LON:MRL) Marlowe PLC share price was +8p at 413p Story provided by StockMarketWire.com

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