DAVY VIEW

Marshalls delivered a strong trading performance in H2 2021 and now expects the full year out-turn to be slightly ahead of its previous expectations (c.1-2% better). That result was delivered despite significant cost inflation, which the group successfully offset via price increases. Outlook comments read well, with the order intake up 13% versus the prior year in volume terms. Meanwhile, the financial position remains rock solid with the group now net cash on a pre-leases basis.