Marshalls results show ‘resilience’ despite revenue drop

Landscaping and building products manufacturer Marshalls has reported reduced revenue of £619.2m from £671.2m for the year ended December 31 2024, and an adjusted profit before tax of £52.2m, compared to £53.3m in 2023.

Chief executive Matt Pullen described the Elland-headquartered group’s performance as  having “shown resilience in challenging markets”, with efficiency gains and cost reductions, together with strong performances from Roofing and Building Products.

Operating profit was £53.9m, up 31% from £41.0m in 2023, while pre-tax profits were also up, at £39.4m from £22.2m in 2023, a rise of 77%.

Pullen said: “We are particularly pleased with the growth in Roofing Products in the year.  Marley Roofing returned to growth in the second half of the year and Viridian Solar performed strongly driven by the increased adoption of in-roof solar solutions in new housing. Our Building Products segment, including Marshalls Bricks and Marshalls Water Management, has also strengthened, with revenues improving sequentially in the second half, good profit growth for the full year and an expanding order book.

“The positive performances of our Roofing and Building Products, which contributed more than 80 per cent of our profit in 2024, highlight the strength of a diverse portfolio. The focused improvement plans in Landscaping that were implemented last year are gaining traction and will deliver a progressive and significant improvement in profitability.  Additionally, our disciplined focus on working capital management has strengthened our balance sheet through a £39 million reduction in pre-IFRS16 net debt. I am proud of the Group’s performance and deeply grateful to all my colleagues for their support, hard work and dedication throughout the year.

” As we look ahead, we are encouraged by the Government’s commitment to boosting new house building and investing in national infrastructure, which together with our ‘Transform & Grow’ strategy and the positive impact of operational leverage, will benefit all our businesses in the medium term. In the nearer term, we expect a market recovery later this year, which should strengthen progressively.”