FTSE 250-listed manufacturing group Marshalls PLC (LSE:MSLH) has slashed its dividend after announcing a major hit to its earnings in 2023.
Revenues for the year ending 31 December 2023 fell from £719.4 million in 2022 to £671.2 million in 2023, marking a 7% decline.
Adjusted profit before tax saw a significant decrease, falling by 41% to £53.3 million in 2023.
Marshalls decided to slash its full-year dividend by 42% to 5.7p as a result, contributing to a total year dividend decrease of 47% to 8.3p.
Newly appointed chief executive Matt Pullen commented: "In the short-term markets are expected to remain challenging with continued weakness in the first half of the year followed by a progressive recovery in the second half as the macro-economic environment improves.
"This recovery is however expected to be slower and more modest than previously anticipated.
"The board remains confident that actions taken to improve efficiency and flexibility, together with a more diversified and resilient portfolio have strengthened the group."