Business Model

Responding to Stakeholders

Our approach is to engage in personal dialogue across all major stakeholder groups. Our investor and shareholder communication is focused around personal contact, individual dialogue, regular presentations and site visits, and ensures that our investor relations programme clearly articulates the strategic priorities of the business. We aim to build collaborative relationships with employees, customers and suppliers – being open to change and responding to feedback.

Our capital


The Group has an experienced workforce of approximately 2,600 employees with specialist skills and a high level of engagement

Strong balance sheet and a conservative capital structure. An efficient portfolio of bank facilities, with extended maturities, provides prudent headroom

National coverage and sustainable operations across a national network of manufacturing sites.

Long-standing relationships with customers and suppliers and a diverse product range covering a number of end markets.

With over 130 years’ experience we have a reputation built on transparency and long‑standing core values. We focus on innovation and strong R&D and NPD
Natural Resources
Marshalls has extensive reserves of UK natural stone. Strong supply chain relationships ensure the ethical sourcing of natural stone from India and Vietnam

We are accelerating the development of our digital strategy to enhance service and the overall customer experience, and to improve operational efficiency and communication

Social & Relationships

We have strong stakeholder relationships through constructive dialogue with local authorities, industry bodies and regulators

Our stakeholder relationships are underpinned by a focus on responsible business which is a key part of the Marshalls culture

Our business


The Group’s main raw materials are cement, sand, aggregates and pigments - the majority of which are UK sourced

Related risks

• Macro-economic and political
• Security of raw material supply
• Cyber security risks
• Environmental
• Ethical
• Climate change


We have well-invested sites and manufacture landscape, driveway and garden products from a range of materials, principally concrete and natural.

Related risks

• Competitive activity
• Threat from new technologies and business models
• IT infrastructure
• Legal and regulatory


Our operations are part of a national network and 95 per cent of our customers are less than two hours away. We have our own fleet

Related risks

• Macro-economic and political
• Road infrastructure
• Cost inflation
• Environmental
• Climate change
• Labour availability


Our customers range from Domestic homeowners to Public Sector and Commercial. We seek to exceed the expectations of customers in all our end markets.

Related risks

• Macro-economic and political
• Extreme weather
• Cyber security risks
• Competitor activity
• Legal and regulatory


We are committed to the development of innovative processes and equipment and to the delivery of innovative product solutions

Related risks
• Ethical
• Climate change
• Security of raw materials supply
• Cost inflation


We are commited to the development of innovative processes and equipment and to the delivery of innovative product solutions

Related risks
• Competitive markets
• Climate change
• Security of raw materials supply
• Cost inflation



Strategic Objectives

Shareholder value
Sustainable profitability
Relationship building
Organic expansion
Brand development
Effective capital structure and control framework
Cumulative growth of dividends of 10.4% (pre-supplementary) over the last five years
Dividend per share
We aim to provide an outstanding customer experience at every step in the customer journey
Customer Service Index
DERI strategy and employee engagement measurement
Active apprenticeships in 2021
Active membership of Supply Chain Sustainability School - leading role in upholding human rights at home and overseas in our supply chains
Suppliers trained on anti-bribery & modern slavery
Communities & environment
Positive impact, with direct investment in the community
Reduction in carbon footprint since 2008
Government & regulatory bodies
Responsible business commitments (e.g. Living Wage)
of being Fair Tax Mark certified
8 years