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.
Financials · LTM to 30 Jun 26
Source: results 10 Aug 26 ↗
- Revenue
- £630m
- Operating profit
- £39.4m
- Net income
- £20.7m
- Free cash flow
- £32.9m
- Net debt
- £137m
- Market cap
- £402m
- EV / EBIT
- 13.7×
- FCF yield
- +8.2%
- Price / book
- 0.6×
Latest half-year · H1 26 vs H1 25
results 10 Aug 26 ↗
- Revenue
- £318m −1%
- Operating profit
- £25.5m +41%
- Net income
- £15.2m +71%
- Cash from operations
- £12.1m prior −£3.7m
Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.
Latest report: H1 26 (six months to 30 Jun 26), published 10 Aug 26 · read the results ↗
£m unless stated · newest first · italic = calculated (LTM, H2 = FY − H1) · hover a value for its source
| LTM Jun 26 | FY 25 | FY 24 | FY 23 | |
|---|---|---|---|---|
| Revenue | 630.4 | 632.1 | 619.2 | 671.2 |
| Adjusted EBITDA | 86.1 | 85.0 | 97.8 | – |
| Adjusted operating profit | 58.7 | 56.4 | 66.7 | 70.7 |
| Operating profit | 39.4 | 32.0 | 53.9 | 41.0 |
| Finance costs | (13.7) | (14.3) | (14.5) | (18.8) |
| Profit before tax | 25.7 | 17.7 | 39.4 | 22.2 |
| Tax | (5.0) | (3.3) | (8.4) | (3.8) |
| Net income (owners) | 20.7 | 14.4 | 31.0 | 18.6 |
| EPS basic | 8.2p | 5.7p | 12.3p | 7.4p |
| EPS diluted | 8.0p | 5.6p | 12.2p | 7.3p |
| Dividend per share | 7.0p | 6.7p | 8.0p | 15.6p |
| H1 26 | vs H1 25 | H2 25 | H1 25 | H2 24 | H1 24 | H2 23 | |
|---|---|---|---|---|---|---|---|
| Revenue | 317.8 | −1% | 312.6 | 319.5 | 312.5 | 306.7 | 317.1 |
| Adjusted EBITDA | 44.0 | +3% | 42.1 | 42.9 | 47.2 | 50.6 | – |
| Adjusted operating profit | 30.7 | +8% | 28.0 | 28.4 | 32.7 | 34.0 | 28.8 |
| Operating profit | 25.5 | +41% | 13.9 | 18.1 | 25.0 | 28.9 | 14.2 |
| Finance costs | (5.8) | −9% | (7.9) | (6.4) | (7.1) | (7.4) | (8.7) |
| Profit before tax | 19.7 | +68% | 6.0 | 11.7 | 17.9 | 21.5 | 5.5 |
| Tax | (4.5) | +61% | (0.5) | (2.8) | (3.0) | (5.4) | 0.0 |
| Net income (owners) | 15.2 | +71% | 5.5 | 8.9 | 14.9 | 16.1 | 5.5 |
| EPS basic | 6.0p | – | 2.2p | 3.5p | 5.9p | 6.4p | 2.2p |
| EPS diluted | 5.9p | – | 2.1p | 3.5p | 5.9p | 6.3p | 2.1p |
| Dividend per share | 2.5p | – | 4.5p | 2.2p | 5.4p | 2.6p | 13.0p |
| LTM Jun 26 | FY 25 | FY 24 | FY 23 | |
|---|---|---|---|---|
| Cash from operations | 54.7 | 38.9 | 76.8 | 77.7 |
| Interest paid | (14.8) | (16.1) | (11.7) | (16.5) |
| Tax paid | (8.7) | (9.0) | (8.8) | (10.4) |
| Capex (PP&E) | (15.2) | (13.1) | (9.2) | (18.3) |
| Capex (intangibles) | (0.1) | (0.5) | (2.4) | (2.5) |
| Lease principal paid | (6.5) | (6.9) | (5.3) | (9.6) |
| Dividends paid | – | (19.2) | (21.0) | (31.6) |
| Share buybacks | (0.6) | (0.9) | (1.4) | (0.3) |
| H1 26 | vs H1 25 | H2 25 | H1 25 | H2 24 | H1 24 | H2 23 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | 12.1 | n/m | 42.6 | (3.7) | 51.1 | 25.7 | 53.9 |
| Interest paid | (5.0) | −21% | (9.8) | (6.3) | (6.9) | (4.8) | (9.7) |
| Tax paid | (6.4) | −4% | (2.3) | (6.7) | (6.5) | (2.3) | (2.2) |
| Capex (PP&E) | (8.4) | +33% | (6.8) | (6.3) | (5.3) | (3.9) | (9.1) |
| Capex (intangibles) | (0.1) | −80% | 0.0 | (0.5) | (1.2) | (1.2) | (1.3) |
| Lease principal paid | (3.1) | −11% | (3.4) | (3.5) | (1.4) | (3.9) | (3.4) |
| Share buybacks | (0.5) | −38% | (0.1) | (0.8) | 0.0 | (1.4) | (0.1) |
| Latest Jun 26 | FY 25 | FY 24 | FY 23 | |
|---|---|---|---|---|
| Goodwill | 324.4 | 324.4 | 324.4 | 324.4 |
| Other intangibles | 200.0 | 206.0 | 217.8 | 227.5 |
| Property, plant & equipment | 223.7 | 223.9 | 234.8 | 249.4 |
| Inventories | 135.7 | 137.2 | 138.2 | 125.1 |
| Trade receivables | 117.1 | 79.6 | 80.8 | 93.4 |
| Cash | 6.4 | 4.9 | 18.9 | 34.5 |
| Current assets | 260.0 | 222.8 | 240.5 | – |
| Total assets | 1,072.2 | 1,041.4 | 1,076.1 | 1,114.1 |
| Trade payables | 134.8 | 117.3 | 132.1 | 127.5 |
| Lease liabilities, current | 5.7 | 5.6 | 5.7 | 8.0 |
| Current liabilities | 144.1 | 125.1 | 148.6 | – |
| Borrowings, non-current | 143.2 | 142.8 | 152.8 | 207.4 |
| Lease liabilities, non-current | 32.8 | 33.5 | 29.7 | 36.7 |
| Pension surplus / (deficit) | 25.0 | 24.9 | 24.1 | 11.0 |
| Total liabilities | 401.4 | 385.7 | 414.8 | 472.8 |
| Total equity | 670.8 | 655.7 | 661.3 | 641.3 |
| Net cash / (debt) ex leases | (136.8) | (137.9) | (133.9) | (172.9) |
| Undrawn facilities | 125.0 | 125.0 | – | – |
| H1 26 | H2 25 | H1 25 | H2 24 | H1 24 | H2 23 | |
|---|---|---|---|---|---|---|
| Goodwill | 324.4 | 324.4 | 324.4 | 324.4 | 324.4 | 324.4 |
| Other intangibles | 200.0 | 206.0 | 212.2 | 217.8 | 222.7 | 227.5 |
| Property, plant & equipment | 223.7 | 223.9 | 228.6 | 234.8 | 240.5 | 249.4 |
| Inventories | 135.7 | 137.2 | 140.2 | 138.2 | 129.5 | 125.1 |
| Trade receivables | 117.1 | 79.6 | 109.6 | 80.8 | 116.8 | 93.4 |
| Cash | 6.4 | 4.9 | 16.7 | 18.9 | 36.6 | 34.5 |
| Current assets | 260.0 | 222.8 | 267.5 | 240.5 | – | – |
| Total assets | 1,072.2 | 1,041.4 | 1,101.2 | 1,076.1 | 1,116.2 | 1,114.1 |
| Trade payables | 134.8 | 117.3 | 134.0 | 132.1 | 139.7 | 127.5 |
| Borrowings, current | – | – | 9.1 | – | – | – |
| Lease liabilities, current | 5.7 | 5.6 | 5.6 | 5.7 | 4.7 | 8.0 |
| Current liabilities | 144.1 | 125.1 | 151.0 | 148.6 | – | – |
| Borrowings, non-current | 143.2 | 142.8 | 159.2 | 152.8 | 192.4 | 207.4 |
| Lease liabilities, non-current | 32.8 | 33.5 | 34.7 | 29.7 | 22.5 | 36.7 |
| Pension surplus / (deficit) | 25.0 | 24.9 | 26.0 | 24.1 | 17.3 | 11.0 |
| Total liabilities | 401.4 | 385.7 | 430.7 | 414.8 | 454.5 | 472.8 |
| Total equity | 670.8 | 655.7 | 670.5 | 661.3 | 661.7 | 641.3 |
| Net cash / (debt) ex leases | (136.8) | (137.9) | (151.6) | (133.9) | (155.8) | (172.9) |
| Undrawn facilities | 125.0 | 125.0 | – | – | – | – |
Line items extracted automatically from each results announcement; when a later report restates a period, the later figure is shown. LTM and H2 are calculated from reported periods. Check the source before relying on a figure.
Company filings. Not investment advice.