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Marlowe swings to a loss as acquisition, restructure costs rise

By BFN News | 09:33 AM | Monday 25 June, 2018


Marlowe, a services group that acquires and develops companies providing asset maintenance services, swung to an annual loss after acquisition and other costs weighed. The company booked pre-tax losses of £0.4m, compared to a profit a year earlier of £0.3m. Acquisition costs amounted to £0.6m, while restructure costs rose to £3.6m. The company also incurred a exceptional loss on a customer liquidation. Stripping out those costs, adjusted pre-tax profit grew 74% to £5.8m, on the back of a 72% rise in revenue to £80.6m. 'In our second year of trading as Marlowe plc we are pleased to report another strong financial performance and a year of substantial progress in developing the scale and breadth of our platform for growth,' chief executive Alex Dacre said. 'During the year we have significantly expanded the scale of our fire and security and water treatment activities, which have begun to benefit from their increased size.' 'Our pipeline of acquisition opportunities going into the new financial year is strong.' 'The current year's trading has started in line with our expectations and we look forward to making further progress during the year.' At 9:33am: (LON:MRL) Marlowe PLC share price was +5p at 410p Story provided by StockMarketWire.com

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