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Marshalls, the landscaping and building products manufacturer, saw revenue drop to £619 million (2023: £671 million), alongside a reduction in debt from £173m to £134m, for the year to December 31 2024.
The trading update revealed that adjusted profit before tax for 2024 is likely to be “within the range of market expectations”
Landscaping sales were £268 million (2023: £321 million), down 17%, although improved performance in the second half mean that the 23% decline at the end of the first half, was down to 9% at the end of quarter 4. Lower demand from house builders and continued subdued activity in private housing RMI is behind much of the decline; and also affected the Building Products division.
Building Products revenue was £165 million (2023: £170 million), with a broadly flat performance across H2 as a whole; an improvement in bricks and mortars was offset by a weaker performance from the aggregates business.
Roofing revenue increased by 4% during 2024 to £186 million (2023: £180 million). Revenue growth was strong in Q4, at 15 per cent, which comprised growth of around 75 per cent from Viridian Solar, capitalising on the Part L building regulations, and a return to growth in Marley.
Expectations for adjusted profit before tax in 2024 is £52.9 million, with a range of £52.0 million to £53.7 million.
Chief Executive Matt Pullen, 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.”
