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.

Target	Promise	Said	Status
2023
31 Dec 2023	Report a reduction in net debt at the 2023 full year	18 Oct 2023	✓ Kept
	“The Board's ongoing priority is to reduce leverage and it remains confident of reporting a reduction in net debt at the full year.” Result Net debt before leases fell to £172.9m from £190.7m. “Robust balance sheet with net debt reducing by £17.8 million to £172.9 million (on a pre-IFRS 16 basis), and year-end leverage of 1.9 times adjusted EBITDA”18 Mar 2024 · Final Results
31 Dec 2023	Full-year 2023 result in line with Board expectations	18 Oct 2023	✓ Kept
	“The Board does not expect any material changes in current trading patterns during the fourth quarter of the year and therefore remains confident of achieving a result that is in-line with its expectations for 2023.” Result The January 2024 update was in line with expectations. “The Group's performance in the period since the trading update on 18 October 2023 has been as anticipated and the Board expects adjusted profit before tax for the full year to be in-line with its expectations.”18 Jan 2024 · Trading Statement
2024
1 Mar 2024	Matt Pullen takes over as CEO on 1 March 2024	6 Dec 2023	✓ Kept
	“Matt will join the Board as a Director, with effect from 8 January 2024 and will take over as CEO from 1 March 2024.” Result Pullen was CEO by 2025 and stepped down in November 2025. “On behalf of the Board I would like to thank Matt for his contribution during his time as CEO during which we successfully launched our 'Transform & Grow' strategy.”27 Nov 2025 · Directorate Change
30 Jun 2024	Outsource logistics to Wincanton in H1 2024	18 Mar 2024	… In progress
	“Marshalls' logistics function to be outsourced to Wincanton in H1 2024 - expected to improve service and deliver efficiencies” Result Not yet due.
31 Dec 2024	2024 profit and net debt broadly in line with previous expectations	12 Aug 2024	✓ Kept
	“the Board believes that profit and pre-IFRS16 net debt for the full year will be broadly in-line with its previous expectations.” Result January 2025 update was within market expectations, with net debt at £134m. “The Board expects adjusted profit before tax for 2024 to be within the range of market expectations”21 Jan 2025 · Full Year Trading Update and Notice of Results “Further strong reduction in net debt to £134 million (2023: £173 million)”21 Jan 2025 · Full Year Trading Update and Notice of Results
2025
31 Dec 2025	2025 profitability ahead of 2024	21 Jan 2025	✗ Missed · target changed
	“The Board believes that profitability in 2025 will be ahead of FY2024 with the rate of growth subject to the pace of market recovery” Result July 2025 guidance cut to £42-46m pre-tax profit, below 2024's £52m; 2025 came in at £43.7m. “Adjusted profit before tax was £43.7 million (2024: £52.2 million). The adjusted effective tax rate was 22% (2024: 22%), reflecting the UK headline corporation tax rate partially offset by the benefit of a patent box arrangement.”16 Mar 2026 · Final Results
31 Dec 2025	Landscaping Products return to revenue growth in 2025	17 Mar 2025	✗ Missed
	“We remain confident of achieving revenue and market share growth for Landscaping Products in 2025” Also stated 14 May 2025 Result Landscaping revenue was £266m in 2025 against £268m in 2024. “Landscaping Products' revenue was £266 million (2024: £268 million), which is a reduction of one per cent compared to 2024.”19 Jan 2026 · Trading Statement
31 Dec 2025	2025 adjusted pre-tax profit of £42-46m (revised guidance)	25 Jul 2025	✓ Kept
	Result 2025 adjusted pre-tax profit was £43.7m. “Adjusted profit before tax was £43.7 million (2024: £52.2 million).”16 Mar 2026 · Final Results “Group returned to revenue growth and delivered adjusted profit before tax in-line with market expectations”16 Mar 2026 · Final Results
Today · 10 Oct 2026
2026
31 Dec 2026	Landscaping improvement plan to deliver £11m annualised cost savings by end of 2026	25 Jul 2025	… In progress
	“Remains on track to deliver the previously announced £11 million of annualised cost savings by the end of FY26.” Also stated 11 Aug 2025 · 19 Jan 2026 · 16 Mar 2026 · 13 May 2026 · 10 Aug 2026 Status so far Not yet due.
31 Dec 2026	Exit UK quarried natural stone processing, adding about £2m profit in 2026	12 Nov 2025	… In progress
	“This move is expected to improve profitability by around £2 million in 2026 and beyond, pending the outcome of the consultation process.” Status so far Not yet due.
31 Dec 2026	Improved Group financial performance in 2026	19 Jan 2026	… In progress
	“FY26 profitability expectations unchanged: 'Transform & Grow' strategy supports medium-term margin, cash and returns improvement.” Also stated 10 Aug 2026 Status so far Not yet due.
31 Dec 2026	Balance sheet to de-lever in 2026	13 May 2026	… In progress
	“We continue to expect the balance sheet to de-lever in 2026” Status so far Not yet due.