REG - Marshalls PLC - Trading Update

MarshallsAnnouncement

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RNS Number : 1369H  Marshalls PLC  12 November 2025

12 November 2025

 

Marshalls plc

('Marshalls' or 'the Group')

 

Full year 2025 expectations unchanged

 

Marshalls, a leading manufacturer of sustainable solutions for the built
environment, provides the following trading update for the ten months ended 31
October 2025 ('the period').

 

Overview

·    Group revenue of £548 million for the period, two per cent higher
than the prior year comparative period (2024: £535 million):

o  Landscaping Products revenue flat since the half year reflecting an
improving performance and encouraging market share growth

o Building Products delivered revenue growth of five percent in the period
driven by good performances in Water Management and Mortars

o  Roofing Products revenue growth of five per cent in the period driven by
c.35 per cent growth in Viridian Solar

·     Good strategic progress in the period, with Landscaping Products
performance improvement plan on track to deliver £11 million of annualised
cost savings

·     Balance sheet continues to be robust, with pre-IFRS net debt of
£155m

·     The Board's previous expectations for full year 2025 remain
unchanged(1)

 

Divisional trading performance

 

 Revenue growth        HY 2025  Four months to October 2025  10 months to October 2025
 Landscaping Products  -1%      0%                           -1%
 Building Products     +6%      +4%                          +5%
 Roofing Products      +11%     -3%                          +5%
 Group                 +4%      0%                           +2%

 

Landscaping Products' revenue in the period was £232 million (2024: £233
million), which represents a reduction of one per cent compared to 2024.
Revenue in the four months to October was flat year-on-year, reflecting the
actions taken to stabilise the business and an improving revenue trend for
commercial products.

 

Building Products' revenue in the period was £150 million (2024: £143
million), which represents an increase of five per cent. Revenue growth in the
four months to October moderated to four per cent with continued good growth
in Water Management and Mortars.

 

Roofing Products' revenue in the period was £166 million (2024: £159
million), which represents an increase of five per cent, driven by growth of
c.35 per cent in Viridian Solar and a modest reduction in Marley. As expected,
the rate of growth in Viridian Solar moderated in the four months to October
as the implementation of the Part L energy efficiency regulations matured and
comparatives were tougher as a result. Marley revenues contracted in the same
period due to a softening in market activity levels and relatively strong
comparators in 2024.

 

Landscaping performance improvement plan

Management continues to make good progress on the Landscaping performance
improvement plan. The network optimisation and self-help measures announced at
the Half Year Results which are expected to deliver £9 million in annual
savings from 2026, were concluded as planned. In October, the Board also began
consulting on exiting UK quarried natural stone processing due to sustained
losses and market changes. This move is expected to improve profitability by
around £2 million in 2026 and beyond, pending the outcome of the consultation
process.

 

Balance sheet and liquidity

The Group's balance sheet continues to be robust, with pre-IFRS16 net debt of
£155 million at the end of October 2025 (October 2024: £146 million).

 

Matt Pullen, Chief Executive, commented:

"Marshalls has delivered a resilient performance, with Group revenues up two
per cent year-on-year despite current market conditions, and our full year
profit expectations remain unchanged. We continue to make good progress with
our 'Transform & Grow' strategy and, looking ahead, Marshalls is well
positioned to benefit from a market recovery and the structural growth drivers
that underpin our businesses over the medium-term."

 

(1) Company guidance is for adjusted profit before tax for 2025 to be in the
range of £42 million and £46 million.

 

Enquiries:

 

 Marshalls plc
 Matt Pullen, Chief Executive               +44 1422 314777

 Justin Lockwood, Chief Financial Officer

 Simon Bourne, Chief Commercial Officer

 Hudson Sandler (Financial PR)
 Dan de Belder                              +44 20 7796 4133

 Harry Griffiths                            marshalls@hudsonsandler.com (mailto:marshalls@hudsonsandler.com)

 

Note to the Editor:

 

About Marshalls plc:

 

Established in the late 1880s, Marshalls plc is a leading UK manufacturer of
sustainable solutions for the built environment. It operates through three
trading divisions: Landscaping; Building; and Roofing. At a Group, divisional
and brand level, Marshalls' strategy centres around its customers who value
its unique set of capabilities, namely leading brands, best in class technical
and design support and carbon leadership. This is underpinned by business wide
enterprise excellence, leadership in ESG governance and standards and its
people, organisation, and culture.

 

The Group operates a national network of manufacturing and distribution sites.
Marshalls is committed to quality in everything it does, including the
achievement of high environmental and ethical standards and continual
improvement in health and safety performance. Its strategic goal is to become
the UK's leading manufacturer of sustainable solutions and products for the
built environment. 

 

Forward-Looking Statements:

 

Any statements in this release, to the extent that they are forward-looking,
are subject to risk factors associated with, amongst other things, the
economic and business circumstances occurring from time to time in the markets
in which Marshalls operates. It is believed that the expectations reflected in
these statements are reasonable, but they may be affected by a wide range of
variables, which could cause actual results to differ materially from those
currently anticipated.  More information about the factors that may affect
Marshalls' performance is contained in the Annual Report to shareholders for
the year ended 31 December 2024.

 

 

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