Marshalls blames difficult market conditions for fall in pre-tax profit

Marshalls has blamed “difficult” market conditions in 2005 for a fall in pre-tax profit.
 
In the full year to 31 December 2005 pre-tax profit dropped from £40.3m to £38m. Operating profit rose marginally from £47m to £47.4m as sales increased from £328.3m to £359.3m.
 
In a statement Marshalls chief executive Graham Holden said: "Marshalls continues to develop its integrated offer for the public sector and commercial market and its consumer initiatives for the domestic market, as well as continually reviewing its cost base.
 
"These improvements, complemented by recent acquisitions and a strong balance sheet, ensure that the group is well positioned to operate in the challenging market conditions anticipated in 2006 and to take advantage of the expected market improvements in 2007."