Marshalls hopes for an Olympic success

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But the group, which now makes more than half its revenues from large public sector and commercial paving projects, is optimistic it can win a fair chunk of work during the construction of the Olympic sites. It has already won work on surrounding infrastructure projects.

Chief executive Graham Holden said he was confident that "the group will weather the storm and emerge in a stronger competitive position when the upturn arrives".

Marshalls announced the closure of two concrete plants and cuts in its consumer business putting 135 jobs at risk last month.

Pre-tax profits crashed from £42.1 million to £22.5 million in 2008 on revenues down by 8% at £378 million.

The final dividend has been slashed from 9.3p a share to just 1.45p, which makes a total for the year of 13.85p (13.4p).

In effect, this means that the current year's payout will drop to 6p a share.