Earnings release
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Trading Update Released : 12/11/2025 07:00 RNS Number : 1369H Marshalls PLC 12 November 2025 12 November 2025 Marshalls plc ('Marshalls' or 'the Group') Full year 2025 expectations unchanged Marshalls, a leading manufacturer of sustainable solutions for the built environment, provides the following trading update for the ten months ended 31 October 2025 ('the period'). 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
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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. Enquiries: Marshalls plc Matt Pullen, Chief Executive Justin Lockwood, Chief Financial Officer Simon Bourne, Chief Commercial Officer +44 1422 314777 Hudson Sandler (Financial PR) Dan de Belder Harry Griffiths +44 20 7796 4133 marshalls@hudsonsandler.com Note to the Editor: About Marshalls plc: Established in the late 1880s, Marshalls plc is a leading UK manufacturer of sustainable solutions for the built environment. It operates through three trading divisions: Landscaping; Building; and Roofing. At a Group, divisional and brand level, Marshalls' strategy centres around its customers who value its unique set of capabilities, namely leading brands, best in class technical and design support and carbon leadership. This is underpinned by business wide enterprise excellence, leadership in ESG governance and standards and its people, organisation, and culture. The Group operates a national network of manufacturing and distribution sites. Marshalls is committed to quality in everything it does, including the achievement of high environmental and ethical standards and continual improvement in health and safety performance. Its strategic goal is to become the UK's leading manufacturer of sustainable solutions and products for the built environment. Forward-Looking Statements: Any statements in this release, to the extent that they are forward-looking, are subject to risk factors associated with, amongst other things, the economic and business circumstances occurring from time to time in the markets in which Marshalls operates. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a wide range of variables, which could cause actual results to differ materially from those currently anticipated. More information about the factors that may affect Marshalls' performance is contained in the Annual Report to shareholders for the year ended 31 December 2024. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END TSTDZMMMNMLGKZM