Mar 12th 2013 - Edison Investment Research today published a report on Marshalls (MSLH.L, LSE:MSLH, LON:MSLH) entitled "Doing The Hard Yards". In summary, the report says:
FY12 was a rearguard action for Marshalls, having faced a confluence of weak markets and wet weather. Actions taken arrested the profit decline in H2 and brought cash benefits to lower borrowings. Net debt looks set to reduce further in FY13 but profits need to double before cover ratios become more comfortable. Marshalls’ model has the potential to deliver this, although not in FY13.
Edison Investment Research is a leading international investment research company. It has won industry recognition, with awards both in the UK and internationally. The team of 95 includes over 60 analysts supported by a department of supervisory analysts, editors and assistants. Edison writes on more than 400 companies across every sector and works directly with corporates, fund managers, investment banks, brokers and other advisers. Edison’s research is read by institutional investors, alternative funds and wealth managers in more than 100 countries. Edison, founded in 2003, has offices in London, New York and Sydney and is authorised and regulated by the Financial Services Authority (www.fsa.gov.uk/register/firmBasicDetails.do?sid=181584). more »