Building supplies firm, Marshalls, said it is \u2018accelerating action\u2019 to reduce costs and beef up its growth strategy amid falling profits.<\/p>\n
In the six months to June 30, adjusted profit before tax was down 17% to \u00a322m, while turnover nudged up 4% to \u00a3319.5m.<\/p>\n
The Elland-based company said it was taking decisive action to accelerate the optimisation of the national manufacturing network and reduce costs while continuing to deliver on its landscaping products performance improvement plan.<\/p>\n
Acceleration of manufacturing footprint optimisation and overhead reduction in landscaping products expected to deliver annualised cost savings of \u00a39m by 2026<\/p>\n
Matt Pullen, chief executive, said: \u201cWe are 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.\u00a0 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.<\/p>\n
\u201cIn 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.<\/p>\n
\u201cLooking ahead, while the macroeconomic outlook remains uncertain and markets are likely to stay subdued in the near term, we are encouraged by the government’s commitment to new housing and infrastructure investment which, together with our ‘transform & grow’ strategy, positions us well for sustainable growth across all our businesses in the medium term.\u201d<\/p>\n
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