Highlights

  • Marshalls posted a YTD revenue of GBP 476 million and reduced pre-IFRS16 net debt
  • Despite challenges, the company’s Q3 showed a 3% revenue decline, improving from H1's 12% drop
  • Pre-IFRS16 net debt was reduced to GBP 149 million in Q3, with full-year profits expected to meet forecasts

Marshalls PLC (LSE:MSLH) provides sustainable solutions for the construction industry. It operates across three divisions: Marshalls Landscape Products, Marshalls Building Products, and Marley Roofing Products.

Despite challenging end markets, the group delivered a resilient performance with a year-to-date (as of 16 October 2024) revenue of GBP 476 million, down from GBP 528 million in 2023. The third quarter of the financial year 2024 (Q3FY24) saw a 3% revenue decline, a notable improvement from the 12% drop in the first half (H1FY24). Roofing products achieved double-digit growth, while building products remained flat, and landscape products saw a smaller contraction. Additionally, the group's pre-IFRS16 net debt decreased to GBP 149 million, and the board remains confident that full-year profits will meet previous expectations.

Regarding divisional performance, landscape products experienced a like-for-like revenue decline of 19% in H1FY24, 13% in Q3FY24, and 17% YTD. Building products reported a 6% decline in H1, no change in Q3, and a 4% drop YTD. Roofing products showed a 5% decline in H1, followed by a 12% increase in Q3, with overall YTD performance remaining flat. As a result, the group posted a 12% decline in H1, a 3% decline in Q3, and a 9% decline YTD.

Company Outlook

The company's board is cautiously optimistic about a slight recovery in end markets, anticipating improvements in the macro-economic environment. Following management actions taken in 2023, profit and pre-IFRS16 net debt are expected to meet the prior forecasts.

Top 10 Shareholders:

The top 10 shareholders of Marshalls hold around 49.94% of the total shares in the company. Inflexion Private Equity Partners LLP has the largest shareholding, with about 8.72%. Montanaro Asset Management Limited follows, holding around 6.83%. The chart below shows these details.

Price Information

The stock price has dropped by approximately 2.17% in the past month. Over the last 6 months, it has increased by around 4.82%. The stock's 52-week low is GBX 244.00, while its 52-week high is GBX 366.00. It is currently trading above the average of the 52-week high and low. As of 10 December 2024, the stock’s closing price is GBX 315.00.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 10 December 2024. The reference data in this report has been partly sourced from EODHD/Others.