Marshalls Navigates Market Headwinds with Revenue Gains

Marshalls PLC (LON: MSLH), a leading manufacturer of sustainable solutions for the built environment, reported a resilient trading update for the ten months ended October 31, 2025.

The company's revenue edged higher, driven by solid performances in specific divisions, despite ongoing market challenges.

Group revenue reached £548 million, a two percent increase compared to the £535 million reported in the prior year comparative period. This growth underscores Marshalls' ability to navigate a complex economic landscape and maintain a positive trajectory.

Building Products led the charge, delivering revenue growth of five percent during the period. This performance was fueled by strong demand in Water Management and Mortars, highlighting the effectiveness of Marshalls' diversified product portfolio. Roofing Products also contributed positively, with a five percent revenue increase, largely attributed to a significant 35 percent growth in Viridian Solar.

Landscaping Products revenue remained flat year-on-year, reflecting an improving performance and encouraging market share growth. This stability indicates the success of the company's efforts to stabilize the business amidst challenging market conditions.

The company is making good progress on its Landscaping performance improvement plan. Network optimization and self-help measures are expected to deliver £9 million in annual savings from 2026. The company also began consulting on exiting UK quarried natural stone processing due to sustained losses and market changes. This move is expected to improve profitability by around £2 million in 2026 and beyond, pending the outcome of the consultation process.

Marshalls maintains a robust balance sheet, with pre-IFRS 16 net debt of £155 million at the end of October 2025, compared to £146 million in October 2024. This financial stability provides the company with the flexibility to pursue its strategic objectives and weather potential economic uncertainties.

The Board's expectations for the full year 2025 remain unchanged, with company guidance for adjusted profit before tax to be in the range of £42 million and £46 million. This reaffirms the company's confidence in its ability to deliver consistent financial performance.

CEO Matt Pullen commented: “Marshalls has delivered a resilient performance, with Group revenues up two per cent year-on-year despite current market conditions, and our full year profit expectations remain unchanged.

“We continue to make good progress with our ‘Transform & Grow' strategy and, looking ahead, Marshalls is well positioned to benefit from a market recovery and the structural growth drivers that underpin our businesses over the medium-term.”