- Marshalls
- 16 March 2026 07:41:06
Source: Sharecast
In the year to the end of December 2025, adjusted pre-tax profit fell 16% to £43.7m, while revenue nudged up 2% to £632.1m.
Company-compiled consensus was for adjusted pre-tax profit of £43.5m, with a range of £42m to £44.1m.
Adjusted operating profit declined 15% to £56.4m and the company declared a total dividend of 6.7p a share, down from 8p in 2024.
Marshalls said its landscaping products improvement plan delivered higher volumes and market share gains despite subdued end markets, offset by targeted price investment and a weaker product mix.
Meanwhile, the building products segment delivered revenue growth of 4%, with good performances in Water Management and Mortars.
As far as current trading is concerned, Marshalls said market activity levels in the first two months of 2026 were consistent with the close of the previous year, although they were affected by persistent rainfall.
Marshalls said it was "mindful" of the conflict in the Middle East. However, in the absence of clarity on the impact of the conflict on its end markets and cost base, the company’s full-year expectations are unchanged and "the board is confident of driving a material increase in profitability and returns over the medium-term".
Chief executive Simon Bourne said: "We have acted decisively to strengthen Marshalls' foundations as part of our 'Transform and Grow' strategy. These actions have resulted in a sharper focus on execution with greater emphasis on delivery and commercial discipline alongside more value-driven activity across the business. We are not simply waiting for a cyclical recovery. As a result, the business has returned to revenue growth while adjusted profit before tax was in line with the guidance set out in July last year.
"In Landscaping Products, we have made significant progress on our near-term improvement plan and put the building blocks in place to support a material increase in operating margins. In Roofing and Building Products, we have continued to position the business to capture regulatory and infrastructure-led demand.
"Our strategic direction remains unchanged, and our immediate focus is on executing against our plan with greater discipline, in order to deliver sustainable, profitable growth over the medium term."
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