Robust performance at building products group despite economic uncertainty

In its full year trading update, building products giant Marshalls says its group revenue for the year ended 31 December 2022 was £719m (2021: £589m), representing year-on-year growth of 22%.

This included the benefit of the Elland-based group’s acquisition of Marley in April last year. On a like-for-like basis, group revenue growth was 1%.

Marshalls’ performance in the period since its trading update on 7 October 2022 has been as anticipated and the Board expects to deliver adjusted pre-tax profits for the full year of £90.4m with a range of £89.8m to £91.1m.

During the year, Marshalls Landscape Products experienced tough market conditions due to its exposure to the more discretionary elements of private housing RMI, delivering revenue of £394m (2021: £425m), a drop of 7% compared with the prior year. 

Marshalls Building Products traded stongly in 2022, despite experiencing some slowing of activity in the final quarter of the year with poor weather disrupting construction sites in December. 

Revenue grew by 17% to £193m (2021: £164m) with a particularly strong performance from the Bricks and Masonry business.

And Marley Roofing Products delivered revenue of £132m in the eight months of ownership, which represents growth of 6% compared to the corresponding period in 2021.

Marshalls reports its balance sheet continues to be robust, with good progress made to reduce leverage.

Its update adds: “Whilst mindful of the uncertain macro-economic environment and its impact on the sector, the Board remains confident of making continued progress towards Marshalls’ ambition to become the UK’s leading manufacturer of products for the built environment. 

“The group remains well placed to achieve this goal, supported by its diversified products and end markets, strong market positions, established brands and focused investment plans to drive further operational improvements.”

The group will publish its results for the year ended 31 December 2022 on 15 March 2023.

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