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Marshalls delivers ‘resilient’ performance

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Building products supplier Marshalls delivered a “resilient performance in challenging market conditions”, outlining a new business strategy to improve its market position. 

Marshalls chief executive Matt Pullen. Credit: Marshalls.

Group revenue for the year to 31 December 2024 decreased to £619 million, down from £671 million in 2023, an eight per cent reduction year-on-year.

The group’s board now expects adjusted profit before tax for 2024 to be within the range of market expectations at £52.9 million, with a range of £52.0 million to £53.7 million.

Meanwhile, its landscaping business saw a 17 per cent reduction in revenue down to £268 million (2023: £321 million).

The firm said the full year performance reflects lower demand from house builders and continued subdued activity in private housing RMI. 

Building Products revenue fell three per cent to £165 million (2023: £170 million) due to the weak demand in new housebuilding, while roofing revenue increased by four per cent during 2024 to £186 million (2023: £180 million). 

In terms of the group’s balance sheet it ended the year with net debt of £134 million (December 2023: £173 million), reflecting “strong cash conversion”.

In November last year, the building products supplier outlined a new business strategy to improve its market position.  

The Transform and Grow strategy aims to position the group’s portfolio of businesses towards customers who value Marshalls’, ‘leading brands’, ‘Technical and design support’, and ‘Carbon leadership’. 

Marshalls said its business units are well positioned to capitalise on the market recovery, which is expected to build progressively through the year.  

The Group said in a statement: “Continued market uncertainty and a £3 million increase in costs from higher National Insurance contributions prompt a cautious outlook and consequently the Group will maintain its disciplined approach to cost management.”

Matt Pullen, Chief Executive of Marshalls plc, said: “We are pleased to report a resilient performance and further reduction in net debt. 

“Despite subdued market activity throughout the year, our results underline the strength of our diversified portfolio of businesses.

“Looking ahead to 2025, our focus will be on the execution of our new Transform & Grow strategy, capitalising on identified growth opportunities, continuing to drive performance in our core business, and maintaining a disciplined approach to investments and cost management.”

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