Here is a summary of the trading statement from Marshalls plc
For the nine months ended September 30, 2024, Marshalls plc, a leading UK manufacturer of sustainable solutions for the built environment, reported resilient financial performance despite weak end markets. The Groups YTD revenue stood at £476 million, a decrease from £528 million in the same period last year. However, the revenue decline improved in Q3, with only a 3% decrease year-over-year compared to a 12% decrease in H1.
The Groups performance varied across its divisions. Roofing Products saw strong double-digit growth in Q3, driven by an impressive 70% growth in Viridian Solar, benefiting from regulatory changes and weaker prior-year comparatives. Building Products revenue was relatively flat in Q3, while Landscape Products revenue decline slowed to 13% in Q3 from 19% in H1, attributed to a moderation in the decline of new house-building and private housing RMI end markets.
Marshalls balance sheet remains robust, with pre-IFRS16 net debt reduced to £149 million at the end of Q3 2024, reflecting strong cash management. The Group expects full-year profits to be in line with previous expectations and anticipates an improving demand environment for its products.
The Group is focused on its transformation program to strengthen leadership and customer relationships and plans to outline its medium-term growth opportunities at a Capital Markets Event on November 19, 2024, including an increased focus on sustainability-driven markets and the expected cyclical recovery in core businesses.