Firm closed factories and raised £4m in rights issue in response to 19% fall in revenue

Turnover at materials company Marshalls has fallen 19% to £166m for the six months to June 30 2009.

The company said it had closed factories and reduced shifts in a bid to cut costs during that period.

In a trading update posted today it said it cut debt by £37m to £74m and intended to continue reducing borrowing over the rest of 2009.

Marshalls paid a dividend of 1.45p a share today but not to those who bought shares in a £34m rights issues in May.

The firm said its public sector and commercial markets were subdued in the first six months and that the domestic market was in line with expectations.