Marshalls shares surge as sales growth contraction eases in Q3.
Shares in Marshalls surged as the landscaping and building materials supplier held annual guidance and indicated that the contraction on sales growth had eased in the third quarter amid a weak economic backdrop.
Source: Sharecast
The company on Wednesday said group revenue for the third quarter was down 3%, compared with 12% for the half year. Sales over the year to the end of September were down 9%. Marshalls shares were up almost 14% in London trade.
Landscape products revenue fell 17% to £209m on a like for like basis. The contraction rate slowed in the quarter to 13% from the 19% reported at the half year, driven by a moderation in the decline in new house building and private housing repair, maintenance and improvement end markets.
In the building products unit, sales fell 4% to £128m, with the third quarter in line with 2023, while in roofing products revenue grew marginally to £139m from £138m a year ago.
Halifax is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.
