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 31/12/2018 31/12/2017
Turnover £491.0m £430.2m
EBITDA £80.8m £67.9m
Operating profit £64.8m £53.4m
Pre-tax profit £62.9m £52.1m
EPS - basic 26.29p 21.52p
Dividends declared and paid 14.80p 12.20p
Final ordinary dividend recommended 8.00p 6.80p
Supplementary dividend recommended 4.00p 4.00p
Net debt £(37.4)m £(24.3)m
Gearing 14.0% 10.2%
Ave. no. employees (including Directors) 2,640 2,307
Total employee cost £117.2m £102.0m

Financial Performance

5 Year History

Consolidated Income Statement

Consolidated Income Statement Year to December 2014 £'000 Year to December 2015 £'000 Year to December 2016 £'000 Year to December 2017 £'000 Year to December 2018 £'000
Revenue 358,516 386,204 396,922 430,194 490,988
Net operating costs (333,211) (348,752) (349,283) (376,755) (426,154)
Operating profit 25,305 37,452 47,639 53,439 64,834
Financial income and expenses (net) (2,884) (2,174) (1.593) (1,388) (1,899)
Profit before tax 22,421 35,278 46,046 52,051 62,935
Income tax (expense) (4,198) (7,387) (8,539) (9,925) (11,307)
Profit for the financial year 18,223 27,891 37,507 42,126 51,628
Profit for the attributable to:
Equity shareholders of the parent 19,857 28,149 37,350 42,503 51,958
Non-controlling interests (1,634) (258) 157 (377) (330)
- 18,223 27,891 37,507 42,126 51,628

Financial Information

Financial Information Year to December 2014 £'000 Year to December 2015 £'000 Year to December 2016 £'000 Year to December 2017 £'000 Year to December 2018 £'000
EBITA* 26,536 38,774 48,648 54,581 66,593
EBITDA* 38,518 51,828 60,794 67,895 80,792
Basic - earning per share 10.13 14.32 18.95 21.52 26.29
Dividends per share (pence) - IFRS 5.50 6.25 9.65 12.20 14.80
Dividend cover (times) - IFRS 1.8 2.3 2.0 1.8 1.8
Dividends per share (pence) - traditional 6.00 7.00 8.70 10.20 12.00
Dividends per share (pence) - supplementary - 2.00 3.00 4.00 4.00
Dividend cover (times) - traditional 1.7 1.6 1.6 1.5 1.6
Year end share price (pence) 234.0 325.0 292.5 454.9 464.8
Tax rate (%) 18.7 20.9 18.5 19.1 19.0
* 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 2014 £'000 2015 £'000 2016 £'000 2017 £'000 2018 £'000
Non-current assets 195,951 192,815 193,393 248,055 295,558
Current assets 132,593 137,017 139,685 166,372 210,776
Total assets 328,544 329,832 333,078 414,427 506,334
Current liabilities (80,969) (87,071) (87,068) (109,507) (134,610)
Non-current liabilities (65,681) (50,043) (28,889) (67,293) (105,009)
Net assets 181,894 192,718 217,121 237,627 266,715
Net borrowings (30,480) (11,462) 5,413 (24,297) (37,433)
Gearing ratio 16.8% 6.0% (2.5%) 10.2% 14.0%

Accounting Policies