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Marlowe profit falls on acquisition costs, loss on asset sale

By BFN News | 07:40 AM | Wednesday 08 July, 2020

Safety-related company investor Marlowe posted a fall in annual profit owing to acquisition expenses and losses on its sale of its air-quality activities. Pre-tax profit for the year through March dropped to £0.5m, down from £2.0m on-year. Adjusted profit, however, jumped 54% to £13.6m, as revenue climbed 44% to £185.4m. The company did not declare a final dividend. Marlowe said the business had shown resilience during the Covid-19 crisis, demonstrating the defensive nature and agility of its business model. However, it said there had been some disruption to operations post-period end, resulting from site access issues in the three months through June. 'However, the regulations that govern the requirement for our services and ensure that our clients operate safely and compliantly have minimised this disruption,' it added. 'We expect site access to return to pre-Covid levels over the summer.' 'Looking ahead, we expect to see favourable structural trends leading to increased focus on health, safety and compliance.' Story provided by

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