REG - Marshalls PLC - AGM Trading Update

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RNS Number : 0343E  Marshalls PLC  13 May 2026

13 May 2026

 

 

 

AGM Trading Update

 

In line trading performance year-to-date supports unchanged full-year
expectations

 

Marshalls plc, the diversified building products manufacturer and sustainable
solutions provider for the built environment, provides the following trading
update for the four months to 30 April 2026 ahead of its Annual General
Meeting at 11.00 am today.

 

Highlights

·   Trading was in line with the Board's expectations for the four months
ended 30 April 2026 with Group revenue at £205 million (2025: £207 million),
down 1% year-on-year.

·     Landscaping Products continued to make encouraging operational and
commercial progress with volumes in line with expectations and continued
market share gains in subdued end markets, underpinned by disciplined
execution of the performance improvement plan which has improved service and
strengthened customer relationships.

·     The Board's expectations for the full year remain unchanged.

Trading Update

Group revenue in the period of £205 million was 1% below the prior year 2025:
(£207 million), with trading in line with the Board's expectations despite
continued end-market uncertainty.

 

The Group is responding in a disciplined way to cost inflation arising from
the war in the Middle East, using targeted commercial actions and working
closely with customers to recover cost where possible, while maintaining our
strong customer relationships.  With the vast majority of our products
manufactured in Britain, our UK-centric manufacturing network limits direct
exposure to international freight disruption and supports continuity of
supply, service and quality.

 

In Landscaping Products, revenue was £86 million (2025: £86 million), in
line with 2025. The business has re-gained market share without eroding
margins, supported by strengthened customer relationships, a simplified
product portfolio and an improved service offering. Execution of the
performance improvement plan continues to deliver progress, and the business
remains on track to deliver the previously announced £11 million of
annualised cost savings by the end of the year.

 

In Building Products, revenue was £56 million (2025: £56 million), in line
with the prior year. While Mortars & Screeds benefited from market
conditions that continued to favour ready-to-use products, trading in Bricks
& Masonry was impacted by continued weakness in new housing and
competitive market conditions.  Water Management continues to make good
strategic progress, building a strong pipeline of design-led opportunities,
positioning the business to capture expected growth under AMP8 investment
cycles, alongside near-term opportunities.

 

In Roofing Products, revenue was £63 million (2025: £65 million), down 3%
year-on-year. Consistent with the trends noted in the full year results,
Marley continued to operate in a competitive concrete roof tile market, driven
by softer demand levels and additional industry capacity. Despite this
backdrop, trading in the first four months of the year has been in line with
expectations supported by a continued focus on commercial discipline, service
performance and manufacturing efficiency. Viridian Solar continued to perform
well, maintaining margins and delivering year-on-year revenue growth.

 

Balance sheet

The Group's balance sheet remains strong. Pre-IFRS 16 net debt as at 30 April 2026 was £167 million, a reduction compared to the prior year balance of £171 million.  £107 million of the Group's revolving credit facility was undrawn at the period end, which provides significant liquidity to fund its strategic and operational plans. We continue to expect the balance sheet to de-lever in 2026, with the increase in net debt since 31 December 2025 reflecting normal seasonal working capital absorption.

 

 

 

Outlook

The macroeconomic outlook remains uncertain and there is potential for ongoing volatility arising from the war in the Middle East to further impact trading conditions.  Nevertheless, the Group's performance in the four months to April 2026, alongside its diversified portfolio, strong balance sheet and disciplined execution of its 'Transform & Grow' strategy, continue to support the Board's expectations for the full year, which remain unchanged.

 

Simon Bourne, Chief Executive Officer, commented:

"Trading in the first four months of the year has been in line with our
expectations, and our teams are making clear progress in the areas within our
control.  The disciplined execution of our 'Transform & Grow' strategy is
strengthening our market position, improving service and operational
performance, alongside maintaining a tight focus on cash, cost and capital
allocation.

 

"In Landscaping, the performance improvement plan continues to deliver
progress; in Water Management, we are building momentum; and across Roofing,
disciplined commercial and operational execution is supporting performance.
This progress means our expectations for the full year remain unchanged and
reinforces our confidence in the strategic direction of the Group and our
ability to deliver sustainable, profitable growth over the medium term."

 

Enquiries:

 Marshalls plc
 Simon Bourne              Chief Executive Officer  Marshalls plc    +44 (0)1422 314777
 Justin Lockwood           Chief Financial Officer

 Financial PR & media
 James White                                        Sodali & Co      +44 (0) 78 5543 2699
 Pete Lambie                                                         marshalls@client.sodali.com

 Tilly Abraham

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 2025.

 

 

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