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.

Overview from annual report

Overview from annual report 31/12/2019 31/12/2018
Turnover £541.8m £491.0m
EBITDA £103.9m £80.8m
Operating profit £73.7m £64.8m
Pre-tax profit £69.9m £62.9m
EPS - basic 29.36p 26.29p
Dividends declared and paid 16.70p 14.80p
Final ordinary dividend recommended 9.65p 8.00p
Supplementary dividend recommended 4.00p 4.00p
Net debt £(60.0)m £(37.4)m
Gearing 20.3% 14.0%
Ave. no. employees (including Directors) 2,816 2,640
Total employee cost £129.3m £117.2m

Financial Performance

5 Year History

Consolidated Income Statement

Consolidated Income Statement Year to December 2015 £'000 Year to December 2016 £'000 Year to December 2017 £'000 Year to December 2018 £'000 Year to December 2019 £'000
Revenue 386,204 396,922 430,194 490,988 541,832
Net operating costs (348,752) (349,283) (376,755) (426,154) (468,151)
Operating profit 37,452 47,639 53,439 64,834 73,681
Financial income and expenses (net) (2,174) (1.593) (1,388) (1,899) (3,828)
Profit before tax 35,278 46,046 52,051 62,935 69,853
Income tax (expense) (7,387) (8,539) (9,925) (11,307) (11,942)
Profit for the financial year 27,891 37,507 42,126 51,628 57,911
Profit for the attributable to:
Equity shareholders of the parent 28,149 37,350 42,503 51,958 58,240
Non-controlling interests (258) 157 (377) (330) (329)
- 27,891 37,507 42,126 51,628 57,911

Financial Information

Financial Information Year to December 2015 £'000 Year to December 2016 £'000 Year to December 2017 £'000 Year to December 2018 £'000 Year to December 2019 £'000
EBITA* 38,774 48,648 54,581 66,593 76,104
EBITDA* 51,828 60,794 67,895 80,792 103,875
Basic - earning per share 14.32 18.95 21.52 26.29 29.36
Dividends per share (pence) - IFRS 6.25 9.65 12.20 14.80 16.70
Dividend cover (times) - IFRS 2.3 2.0 1.8 1.8 1.8
Dividends per share (pence) - traditional 7.00 8.70 10.20 12.00 14.35
Dividends per share (pence) - supplementary 2.00 3.00 4.00 4.00 4.00
Dividend cover (times) - traditional 1.6 1.6 1.5 1.6 1.6
Year end share price (pence) 325.0 292.5 454.9 464.8 860.0
Tax rate (%) 20.9 18.5 19.1 18.0 17.1
* 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.

The Group applied IFRS 16 "Leases" with effect from 1 January 2019 and consequently the information disclosed above for the year ended 31 December 2019 includes the impact of adoption.

Consolidated Balance Sheet

Consolidated Balance Sheet 2015 £'000 2016 £'000 2017 £'000 2018* £'000 2019 £'000
Non-current assets 192,815 193,393 248,055 302,785 350,035
Current assets 137,017 139,685 166,372 210,776 212,534
Total assets 329,832 333,078 414,427 513,561 562,569
Current liabilities (87,071) (87,068) (109,507) (141,190) (162,349)
Non-current liabilities (50,043) (28,889) (67,293) (105,656) (104,454)
Net assets 192,718 217,121 237,627 266,715 295,766
Net borrowings (11,462) 5,413 (24,297) (37,433) (59,976)
Gearing ratio 6.0% (2.5%) 10.2% 14.0% 20.3%
*The comparatives have been restated as a result of a reassessment of the fair value of assets and liabilities acquired.

Accounting Policies