Marshalls
MSLH · Main Market · Construction and Materials · mcap £427m · 157.7p
Marshalls makes paving, landscaping, walling, drainage, roofing and solar products for homes, builders and infrastructure projects in the UK. It sells through three segments: Landscaping, Building and Roofing Products.
The case for
- H1 2026 adjusted operating profit rose 8% to £30.7m and Landscaping returned to profit. 10 Aug 2026
- Net debt before leases fell from £191m in 2023 to £134m at end-2024 and £137m by mid-2026. 18 Mar 2024 17 Mar 2025 10 Aug 2026
- The £11m Landscaping savings plan is on track, and exiting loss-making natural stone processing should add about £2m of profit. 10 Aug 2026 12 Nov 2025
- Directors and the chair bought shares in May 2026, and the interim dividend was raised. 14 May 2026 14 May 2026 10 Aug 2026
The case against
- Adjusted pre-tax profit fell from £90m in 2022 to £44m in 2025, and the dividend was cut again. 18 Mar 2024 16 Mar 2026
- The July 2025 guidance cut showed Landscaping recovery was slower than planned. 25 Jul 2025
- The CEO left abruptly after under two years, adding management uncertainty. 27 Nov 2025
- The 15% medium-term margin target looks distant: H1 2026 operating profit was about 10% of revenue. 19 Nov 2024 10 Aug 2026
- Net debt was still about £137m, and four-month 2026 revenue was down 1%. 13 May 2026 10 Aug 2026
Both sides use only facts from the company's announcements · not investment advice
Company filings. Not investment advice.