Marshalls plc (LON:MSLH), a leading manufacturer of sustainable solutions for the built environment, has provided the following trading update for the ten months ended 31 October 2025.
Overview
· Group revenue of £548 million for the period, two per cent higher than the prior year comparative period (2024: £535 million):
o Landscaping Products revenue flat since the half year reflecting an improving performance and encouraging market share growth
o Building Products delivered revenue growth of five percent in the period driven by good performances in Water Management and Mortars
o Roofing Products revenue growth of five per cent in the period driven by c.35 per cent growth in Viridian Solar
· Good strategic progress in the period, with Landscaping Products performance improvement plan on track to deliver £11 million of annualised cost savings
· Balance sheet continues to be robust, with pre-IFRS net debt of £155m
· The Board’s previous expectations for full year 2025 remain unchanged1
Divisional trading performance
| Revenue growth | HY 2025 | Four months to October 2025 | 10 months to October 2025 |
| Landscaping Products | -1% | 0% | -1% |
| Building Products | +6% | +4% | +5% |
| Roofing Products | +11% | -3% | +5% |
| Group | +4% | 0% | +2% |
Landscaping Products’ revenue in the period was £232 million (2024: £233 million), which represents a reduction of one per cent compared to 2024. Revenue in the four months to October was flat year-on-year, reflecting the actions taken to stabilise the business and an improving revenue trend for commercial products.
Building Products’ revenue in the period was £150 million (2024: £143 million), which represents an increase of five per cent. Revenue growth in the four months to October moderated to four per cent with continued good growth in Water Management and Mortars.
Roofing Products’ revenue in the period was £166 million (2024: £159 million), which represents an increase of five per cent, driven by growth of c.35 per cent in Viridian Solar and a modest reduction in Marley. As expected, the rate of growth in Viridian Solar moderated in the four months to October as the implementation of the Part L energy efficiency regulations matured and comparatives were tougher as a result. Marley revenues contracted in the same period due to a softening in market activity levels and relatively strong comparators in 2024.
Landscaping performance improvement plan
Management continues to make good progress on the Landscaping performance improvement plan. The network optimisation and self-help measures announced at the Half Year Results which are expected to deliver £9 million in annual savings from 2026, were concluded as planned. In October, the Board 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.
Balance sheet and liquidity
The Group’s balance sheet continues to be robust, with pre-IFRS16 net debt of £155 million at the end of October 2025 (October 2024: £146 million).
Matt Pullen, Chief Executive, 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.”
1 Company guidance is for adjusted profit before tax for 2025 to be in the range of £42 million and £46 million.
