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Company background
Summary
Primary Country Listing - UK
Status - Full
Index - FTSE 250, FTSE All Share
Sector - Construction & Materials
Epic - MSLH
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 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 | 31/12/2025 | 31/12/2024 | 31/12/2023 |
|---|---|---|---|
| Revenue | £632.1m | £619.2m | £671.2m |
| Adjusted EBITDA | £85.0m | £97.8m | £103.6m |
| Adjusted Operating profit | £56.4m | £66.7m | £70.7m |
| Adjusted Profit before tax | £43.7m | £52.2m | £53.3m |
| Adjusted EPS - basic | 13.4p | 16.0p | 16.7p |
| Total dividend for the year | 6.7p | 8.0p | 8.3p |
| Adjusted proforma ROCE | 7.0% | 8.2% | 8.4% |
| Net Debt | £177.0m | £169.3m | £217.6m |
| Net debt - pre-IFRS 16 | £137.9m | £133.9m | £172.9m |
Statutory results
| Statutory results | 31/12/2025 | 31/12/2024 | 31/12/2023 |
|---|---|---|---|
| Statutory operating profit | £32.0m | £53.9m | £41.0m |
| Profit before tax | £17.7m | £39.4m | £22.2m |
| Basic EPS | 5.7p | 12.3p | 7.4p |
Financial Performance
5 Year History
Consolidated Income Statement
| Consolidated Income Statement | Year to December 2021 £m | Year to December 2022 £m | Year to December 2023 £m | Year to December 2024 £m | Year to December 2025 £m |
|---|---|---|---|---|---|
| Revenue | 589.3 | 719.4 | 671.2 | 619.2 | 632.1 |
| Net operating costs | (511.9) | (618.3) | (600.5) | (552.5) | (575.7) |
| Adjusted operating profit | 77.4 | 101.1 | 70.7 | 66.7 | 56.4 |
| Adjusting items | (1.2) | (53.2) | (29.7) | (12.8) | 24.4 |
| Statutory operating profit | 76.2 | 47.9 | 41.0 | 53.9 | 32.0 |
| Financial income and expenses (net) | (6.9) | (10.7) | (18.8) | (14.5) | (14.3) |
| Profit before tax | 69.3 | 31.2 | 22.2 | 39.4 | 17.7 |
| Income tax (expense) | (14.4) | (10.7) | (3.8) | (8.4) | (3.3) |
| Profit for the financial year | 54.9 | 26.5 | 18.4 | 31.0 | 14.4 |
| Profit for the attributable to: | |||||
| Equity shareholders of the parent | 54.8 | 26.8 | 18.6 | 31.0 | 14.4 |
| Non-controlling interests | 0.1 | (0.3) | (0.2) | - | - |
| Total | 54.9 | 26.5 | 18.4 | 31.0 | 14.4 |
Financial Information
| Financial Information | Year to December 2021 £m | Year to December 2022 £m | Year to December 2023 £m | Year to December 2024 £m | Year to December 2025 £m |
|---|---|---|---|---|---|
| Adjusted EBITA (before adjusting items) | 79.3 | 102.9 | 72.4 | 68.4 | 58.4 |
| Adjusted EBITDA | 107.0 | 136.0 | 103.6 | 97.8 | 85.0 |
| Basic - earning per share (pence) | 27.5 | 11.4 | 7.4 | 12.3 | 5.7 |
| Adjusted basic earning per share (pence) | 29.2 | 31.3 | 16.7 | 16.0 | 13.4 |
| Dividends per share (pence) - IFRS | 9 | 15.3 | 12.5 | 8.3 | 8.0 |
| Dividends per share (pence) - traditional | 14.3 | 15.6 | 8.3 | 8.0 | 6.7 |
| Year end share price (pence) | 699.5 | 273.2 | 279.4 | 294.5 | 180.6 |
| Tax rate (%) | 20.8 | 28.7 | 17.1 | 21.3 | 18.6 |
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 | 2021 £m | 2022 £m | 2023 £m | 2024 £m | 2025 £m |
|---|---|---|---|---|---|
| Non-current assets | 332.8 | 886.9 | 855.1 | 835.6 | 818.8 |
| Current assets | 263.2 | 322.0 | 259.0 | 240.5 | 222.0 |
| Total assets | 596.0 | 1,208.9 | 1,114.1 | 1,076.1 | 1,040.6 |
| Current liabilities | (150.7) | (167.3) | (138.5) | (148.6) | (123.6) |
| Non-current liabilities | (101.0) | (380.5) | (334.3) | (266.2) | (261.3) |
| Net assets | 344.3 | 661.1 | 641.3 | 661.3 | 655.7 |
| Net borrowings | (41.1) | (236.6) | (217.6) | (169.3) | (177.0) |
Segmental Reporting
The Group reports three separate reporting segments, being Landscaping Products, Building Products and Roofing Products. This reflects the internal performance reporting and management responsibility framework.
Landscaping Products comprises the Group’s Commercial and Domestic landscaping business, Street Furniture and the Natural Stone businesses.
Building Products comprises the Group’s Water Management, Bricks & Masonry, Mortars & Screeds and Aggregates businesses.
Roofing Products includes Marley's product range in the pitched roofing market, with an extensive range of products across the full roofing system with highly recognised and market leading brands. It also includes our Viridian Solar business.
