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11 August 2025

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Marshalls interims below expectation

1 hour Building materials producer Marshalls has posted half-year results showing substantially softer profits.

image from marshalls.co.uk
image from marshalls.co.uk

In the six months to 30th June 2025 Marshalls saw operating profit fall 37% to 拢18.1m and pre-tax profit fall 46% to 拢11.7m despite a 4% increase in revenue to 拢319.5m.

The revenue increase reflects growth in both Building and Roofing Products, partially offset by modest contraction in Landscaping Products.

Similarly, Building and Roofing Products saw profit improvement but the Landscaping Products division 鈥 the paving blocks synonymous with Marshalls 鈥 was impacted by targeted investment in pricing, a less profitable product mix and manufacturing inefficiencies in natural stone

Chief executive Matt Pullen said: 鈥淭he group returned to revenue growth of 4% in the first half of the year despite a subdued market. This performance reflects the benefits of our diversified portfolio, with Building and Roofing Products delivering good revenue and operating profit growth, and Landscaping Products reporting solid volume growth during the period although at lower profitability.

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鈥淭he Landscaping Products improvement plan is firmly underway, and we have made solid, early progress with operational improvements.聽 Whilst profit was below expectations, we have strengthened customer relationships and seen volume growth in the first half. We are accelerating action to reduce costs and optimise our national manufacturing network, which is expected to improve Landscaping Products profitability materially in 2026 and deliver the turnaround.

鈥淲e are also delivering our growth strategies in Roofing and Building Products, building on our successful M&A strategy, by leveraging these growth engines to build a stronger and more diversified group.聽 In Roofing Products, Viridian Solar continues to benefit from its market-leading roof-integrated solar proposition and the regulatory tailwinds driving energy efficiency in new homes and Marley Roofing also continued to deliver revenue growth, reinforcing its leadership position. In Building Products, we have secured new work in Water Management and are developing operational capability as we reposition the business to capture growth opportunities in the infrastructure and wastewater market ahead of the AMP8 investment cycle. While revenue in Bricks and Masonry contracted, our disciplined approach to pricing has prioritised margins in a highly competitive environment.聽

鈥淟ooking ahead, while the macroeconomic outlook remains uncertain and markets are likely to stay subdued in the near term, we are encouraged by the government鈥檚 commitment to new housing and infrastructure investment which, together with our 鈥楾ransform & Grow鈥 strategy, positions us well for sustainable growth across all our businesses in the medium term.鈥

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