Activities

Established in the late 1880s, Marshalls plc is a leading UK manufacturer of products for the built environment. It operates through three trading divisions: Marshalls Landscape Products; Marshalls Building Products; and Marley Roofing Products. Marshalls Landscape Products is the UK's leading manufacturer of superior natural stone and innovative concrete hard landscaping products, supplying the construction, home improvement and landscape markets. Marshalls Building products is a supplier of concrete drainage products, concrete bricks, ready-to-use mortars and aggregates. Marley Roofing Products is a leader in the manufacture and supply of pitched roofing systems, including clay and concrete tiles, timber battens, roof integrated solar solutions and roofing accessories.

The Group operates a national network of manufacturing and distributing sites throughout the UK. 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. Its strategic goal is to become the UKs leading manufacturer of sustainable solutions for the built environment.

Overview from annual report

Results before adjusting items 31/12/2023 31/12/2022
Revenue £671.2m £719.4m
Adjusted EBITDA £103.6m £136.0m
Adjusted Operating profit £70.7m £101.1m
Adjusted Profit before tax £53.3m £90.4m
EPS - basic 16.7p 31.3p
Total dividend for the year 8.3p 15.6p
Adjusted proforma ROCE 8.4% 13.2%
Net Debt £217.6m £236.6m
Net debt - pre-IFRS 16 £172.9m £190.7m

Statutory results

Statutory results 31/12/2023 31/12/2022
Statutory operating profit £41.0m £47.9m
Profit before tax £22.2m £37.2m
Basic EPS 7.4p 11.4p

Financial Performance

5 Year History

Consolidated Income Statement

Consolidated Income Statement Year to December 2019 £m Year to December 2020 £m Year to December 2021 £m Year to December 2022 £m Year to December 2023 £m
Revenue 541.8 469.5 589.3 719.4 671.2
Net operating costs (466.9) (441.1) (511.9) (618.3) (600.5)
Adjusted operating profit 74.9 28.4 77.4 101.1 70.7
Adjusting items***** (1.2) (19.0) (1.2) (53.2) (29.7)
Statutory operating profit 73.7 9.4 76.2 47.9 41.0
Financial income and expenses (net) (3.8) (4.7) (6.9) (10.7) (18.8)
Profit before tax 69.8 4.7 69.3 31.2 22.2
Income tax (expense) (11.9) (2.1) (14.4) (10.7) (3.8)
Profit for the financial year 57.9 2.6 54.9 26.5 18.4
Profit for the attributable to:
Equity shareholders of the parent 58.2 2.4 54.8 26.8 18.6
Non-controlling interests (0.3) 0.2 0.1 (0.3) (0.2)
- 57.9 2.6 54.9 26.5 18.4

Financial Information

Financial Information Year to December 2019 £m Year to December 2020 £m Year to December 2021 £m Year to December 2022 £m Year to December 2023 £m
Adjusted EBITA (before adjusting items) 76.1 29.9 79.3 102.9 72.4
Adjusted EBITDA 103.9 57.6 107.0 136.0 109.6
Basic - earning per share (pence) 29.4 1.2 27.5 11.4 7.4
Adjusted basic earning per share (pence) 30 9.2 29.2 31.3 16.7
Dividends per share (pence) - IFRS 16.7 - 9 15.3 12.5
Dividends per share (pence) - traditional 4.7 4.3 14.3 15.6 8.3
Year end share price (pence) 860.0 748.5 699.5 273.2 279.4
Tax rate (%) 17.1 45.0 20.8 28.7 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.

Adjusting items have been restated to ensure consistent classification with the analysis reported for the year ended 31 December 2023.
 

Consolidated Balance Sheet

Consolidated Balance Sheet 2019* £m 2020* £m 2021 £m 2022 £m 2023 £m
Non-current assets 350.1 324.4 332.8 886.9 855.1
Current assets 212.5 290.0 263.2 322.0 259.0
Total assets 562.6 614.4 596.0 1,208.9 1,114.1
Current liabilities (162.3) (157.2) (150.7) (167.3) (138.5)
Non-current liabilities (104.5) (169.4) (101.0) (380.5) (334.3)
Net assets 295.8 287.8 344.3 661.1 641.3
Net borrowings (60.0) (75.6) (41.1) (236.6) (217.6)
Gearing ratio 20.3% 26.3% 11.9% 35.8% 33.9%

Segmental Reporting

The Group reports three separate reporting segments, being Marshalls Landscape Products, Marshalls Building Products and Marley Roofing Products. This reflects the internal performance reporting and management responsibility framework.


Marshalls Landscape Products comprises the Group’s Commercial and Domestic landscaping business, Landscape Protection and the International businesses.


Marshalls Building Products comprises the Group’s Civils and Drainage, Bricks and Masonry, Mortars and Screeds and Aggregates businesses. 


Marley Roofing Products extends the Group’s product range into the pitched roofing market with an extensive range of products across the full roofing system with highly recognised and market leading brands.

Accounting Policies

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