Revenues drop at building supplies group amidst subdued markets

Building supplies firm, Marshalls, says it delivered full-year revenues of around £619m for the 12 months ended 31 December 2024 (2023: £671m), a year-on-year fall of eight per cent.
The Elland-headquartered business adds that it expects adjusted profit before tax for 2024 to be within the range of market expectations of £52m to £53.7m.
In the same period, Marshalls says it achieved a further strong reduction in net debt to £134m (2023: £173m).
Matt Pullen, chief executive, said: “We are pleased to report a resilient performance and further reduction in net debt.
“Despite subdued market activity throughout the year, our results underline the strength of our diversified portfolio of businesses.
“Looking ahead to 2025, our focus will be on the execution of our new Transform & Grow strategy, capitalising on identified growth opportunities, continuing to drive performance in our core business, and maintaining a disciplined approach to investments and cost management.”
Marshalls says it is well placed to take advantage of market recovery, which is expected to build progressively through the year.
However, the company also notes that continued market uncertainty and a £3m increase in costs from higher National Insurance contributions prompt a cautious outlook.
The firm states it believes profitability in 2025 will be ahead of FY2024 with the rate of growth subject to the pace of market recovery.