Activities
Marshalls is the UK’s leading hard landscaping manufacturer supplying superior natural stone and innovative concrete products to the construction, home improvement and landscape markets since the 1890's.
Our objective is to create integrated landscapes which promote wellbeing to the benefit of everyone. So, whether it is through fairly traded stone, providing products which alleviate flood risks, enabling our business partners to share in our success or creating innovative street furniture that protects us from attack, we proudly strive to make our world a better place.
Marshalls operates its own quarries and manufacturing sites throughout the UK, including a national network of manufacturing and distribution sites, and has operations in Belgium and sales representation in other international markets. As a major plc, 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.
Marshalls is a complete external landscaping, interior design, paving and flooring products business. From planning and engineering, to guidance and delivery.
Our objective is to create integrated landscapes which promote wellbeing to the benefit of everyone. So, whether it is through fairly traded stone, providing products which alleviate flood risks, enabling our business partners to share in our success or creating innovative street furniture that protects us from attack, we proudly strive to make our world a better place.
Marshalls operates its own quarries and manufacturing sites throughout the UK, including a national network of manufacturing and distribution sites, and has operations in Belgium and sales representation in other international markets. As a major plc, 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.
Marshalls is a complete external landscaping, interior design, paving and flooring products business. From planning and engineering, to guidance and delivery.
Overview from annual report
| Results before operational restructuring costs and asset impairments | 31/12/2020 | 31/12/2019 |
|---|---|---|
| Revenue | £469.5m | £541.8m |
| EBITDA | £57.6m | £103.9m |
| Adjusted Operating profit | £27.2m | £73.7m |
| Pre-tax profit | £22.5m | £69.9m |
| EPS - basic | 8.60p | 29.36p |
| Recommended final dividend | 4.30p | - |
| ROCE | 8.2% | 21.4% |
| Net Debt | £75.6m | £60.0m |
| Net debt - pre-IFRS 16 | £26.9m | £18.7m |
| Adjusted Operating Profit | £27.2m | £73.7m |
| Operational restructuring costs and asset impairments | £(17.8)m | - |
| Statutory Operating Profit | £9.4m | £73.7m |
Statutory results
| Statutory results | 31/12/2020 | 31/12/2019 |
|---|---|---|
| Statutory operating profit | £9.4m | £73.7m |
| Profit before tax | £4.7m | £69.9m |
| Basic EPS | 1.19p | 29.36p |
Financial Performance
5 Year History
Consolidated Income Statement
| Consolidated Income Statement | Year to December 2016 £'000 | Year to December 2017 £'000 | Year to December 2018 £'000 | Year to December 2019** £'000 | Year to December 2020** £'000 |
|---|---|---|---|---|---|
| Revenue | 396,922 | 430,194 | 490,988 | 541,832 | 469,454 |
| Net operating costs | (349,283) | (376,755) | (426,154) | (468,151) | (442,272) |
| Operating profit (before operational restructuring costs and asset impairments) | 47,639 | 53,439 | 64,834 | 73,681 | 27,182 |
| Operational restructuring costs and asset impairments | - | - | - | - | (17,809) |
| Operating profit | 47,639 | 53,439 | 64,834 | 73,681 | 9,373 |
| Financial income and expenses (net) | (1,593) | (1,388) | (1,899) | (3,828) | (4,720) |
| Profit before tax (before operational restructuring costs and asset impairments) | 46,046 | 52,051 | 62,935 | 69,853 | 22,462 |
| Profit before tax | 46,046 | 52,051 | 62,935 | 69,853 | 4,653 |
| Income tax (expense) | (8,539) | (9,925) | (11,307) | (11,942) | (2,095) |
| Profit for the financial year | 37,507 | 42,126 | 51,628 | 57,911 | 2,558 |
| Profit for the attributable to: | |||||
| Equity shareholders of the parent | 37,350 | 42,503 | 51,958 | 58,240 | 2,370 |
| Non-controlling interests | 157 | (377) | (330) | (329) | 188 |
| - | 37,507 | 42,126 | 51,628 | 57,911 | 2,558 |
Financial Information
| Financial Information | Year to December 2016 £'000 | Year to December 2017 £'000 | Year to December 2018 £'000 | Year to December 2019** £'000 | Year to December 2020** £'000 |
|---|---|---|---|---|---|
| EBITA* | 48,648 | 54,581 | 66,593 | 76,104 | 12,092 |
| EBITA (before operational restructuring costs and asset imapirments) | 48,648 | 54,581 | 66,593 | 76,104 | 29,901 |
| EBITDA* | 60,794 | 67,895 | 80,792 | 103,875 | 39,809 |
| EBITDA (before operational restructuring costs and asset imapirments) | 60,794 | 67,895 | 80,792 | 103,875 | 57,618 |
| Basic - earning per share (pence) | 18.95 | 21.52 | 26.29 | 29.36 | 1.19 |
| Basic earnings per share (before operational restructuring costs and asset impairments) | 18.95 | 21.52 | 26.29 | 29.36 | 8.60 |
| Dividends per share (pence) - IFRS | 9.65 | 12.20 | 14.80 | 4.70 | |
| Dividends per share (pence) - traditional | 8.70 | 10.20 | 12.00 | 4.70 | 4.30 |
| Dividends per share (pence) - supplementary | 3.00 | 4.00 | 4.00 | ||
| Year end share price (pence) | 292.5 | 454.9 | 464.8 | 860.0 | 748.5 |
| Tax rate (%) | 18.5 | 19.1 | 18.0 | 17.1 | 45.0 |
* EBITA is defined as earnings before interest, tax and amortisation of intangibles. EBITDA is defined as earnings before interest, tax, amortisation of intangibles and depreciation.
Consolidated Balance Sheet
| Consolidated Balance Sheet | 2016 £'000 | 2017* £'000 | 2018* £'000 | 2019** £'000 | 2020** £'000 |
|---|---|---|---|---|---|
| Non-current assets | 193,393 | 248,055 | 302,785 | 350,035 | 324,416 |
| Current assets | 139,685 | 166,372 | 210,776 | 212,534 | 290,013 |
| Total assets | 333,078 | 414,427 | 513,561 | 562,569 | 614,429 |
| Current liabilities | (87,068) | (109,507) | (141,190) | (162,349) | (157,158) |
| Non-current liabilities | (28,889) | (67,293) | (105,656) | (104,454) | (169,423) |
| Net assets | 217,121 | 237,627 | 266,715 | 295,766 | 287,848 |
| Net borrowings | 5,413 | (24,297) | (37,433) | (59,976) | (75,566) |
| Gearing ratio | -2.5% | 10.2% | 14.0% | 20.3% | 26.3% |
* The comparatives have been restated as a result of a reassessment of the fair value of assets and laibilities acquired.
** The Group applied IFRS16 "Leases" with effect from 1 January 2019 and consequently the information disclosed above includes the impact of adoption.
** The Group applied IFRS16 "Leases" with effect from 1 January 2019 and consequently the information disclosed above includes the impact of adoption.