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Marlowe swings to loss; though underlying performance improves

By BFN News | 07:26 AM | Wednesday 23 June, 2021


Safety company investor Marlowe swung to a full-year loss, owing to acquisition and restructuring costs, though its underlying performance improved on higher sales. Pre-tax losses for the year through March amounted to £1.6 million, compared to a year-on-year profit of £0.5 million. Adjusted pre-tax profit rose 31% to £17.1 million, as revenue rose 3.6% to £192.0 million, or by 15% on a continuing operations basis. Marlowe said it completed 15 acquisitions during the year and another eight so far in the current financial year. It had made a 'strong' start to the new financial year, with levels of organic growth consistent with medium-term targets in the high single digits across both GRC and TIC operations. 'We have made a strong start to the new financial year, with good levels of organic growth, and look forward to delivering further profitable growth,' chief executive Alex Dacre said. Story provided by StockMarketWire.com

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