15 May 2024
Marshalls plc
('Marshalls' or 'Group')
AGM Trading Update
Ahead of its Annual General Meeting at 11.00am today, Marshalls, a leading manufacturer of sustainable solutions for the built environment, provides the following trading update for the four months to 30 April 2024.
Overview and outlook
In continuing subdued markets, the Board maintained its proactive control of costs and successful reduction of net debt. We have restructured the executive team to prioritise our commercial focus and accelerate the implementation of key strategic initiatives.
Group revenue during the period was down by 10 per cent on a like-for-like basis at
The Board continues to expect a modest recovery in the second half of the year predicated on a progressive improvement in the macro-economic environment. Against this backdrop and given the decisive management actions taken to reduce capacity and the cost base in 2023, the Board remains confident that profit in 2024 will be in-line with its previous expectations and at similar levels to 2023.
Divisional trading performance
Landscape Products revenue was down by 15 per cent on a like-for-like basis at
Building Products contracted by three per cent to
Roofing Products revenue was eight per cent lower at
Balance sheet and liquidity
The Group's balance sheet continues to be robust, with pre-IFRS16 net debt of
Board role change
In support of our strategic ambitions, Simon Bourne, previously the Group's Chief Operating Officer, has moved into the role of Chief Commercial Officer, responsible for the Group's commercial strategy and the financial performance of the Group's business divisions. Simon will continue in his role as a member of the Marshalls Board.
Enquiries:
Matt Pullen Justin Lockwood |
Chief Executive Chief Financial Officer |
Marshalls plc |
+44 (0)1422 314777 |
Tim Rowntree |
|
MHP |
+44 (0)78 3462 3818 |
Charlie Barker |
|
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+44 (0)77 3646 4749 |
Note to the Editor:
About Marshalls plc:
Established in the late 1880s, Marshalls plc is a leading
The Group operates a national network of manufacturing and distribution sites throughout the
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 2023.
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