Marshalls PLC on Tuesday said it expects to post a fall in annual revenue for 2024, as activity in the private housing sector remains ‘subdued’.
The Yorkshire, England-based landscaping products maker said it delivered full-year revenue of around £619 million in 2024, falling 8.1% from £671 million the year before.
This was primarily due to an 18% reduction in revenue within its Landscaping division, as it slumped to £268 million from £321 million last year.
‘The full year performance reflects lower demand from house builders and continued subdued activity in private housing [repair, maintenance & improvement],’ Marshalls explained.
Revenue for its Building Products division sank 3.0% to £165 million from £170 million, while Roofing revenue rose 3.3% to £186 million from £180 million.
The group said it expects adjusted pretax profit to be with the market forecast range, citing a company-compiled consensus of £52.0 million to £53.7 million. This compares to adjusted pretax profit of £53.3 million in 2023.
The firm added: ‘Continued market uncertainty and a £3 million increase in costs from higher National Insurance contributions prompt a cautious outlook and consequently the group will maintain its disciplined approach to cost management.’
Marshalls is due to release its full-year results on March 17.
Chief Executive Officer Matt Pullen 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.’
Shares in Marshalls were down 4.3% at 244.50 pence each in London on Tuesday morning. The firm’s shares have fallen 30% in the last six months.
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