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

Results before adjusting items 31/12/2021 31/12/2020
Revenue £589.3m £469.5m
EBITDA £107.1m £57.6m
Adjusted Operating profit £76.2m £27.2m
Pre-tax profit £72.1m £22.5m
EPS - basic 28.6p 8.60p
Recommended final dividend 9.6p 4.30p
ROCE 20.6% 8.2%
Net Debt £41.1m £75.6m
Net debt - pre-IFRS 16 £(0.1m) £26.9m
Adjusted Operating Profit £76.2m £27.2m
Adjusting items £0.0m £(17.8)m
Statutory Operating Profit £76.2m £9.4m

Statutory results

Statutory results 31/12/2021 31/12/2020
Statutory operating profit £76.2m £9.4m
Profit before tax £69.3m £4.7m
Basic EPS 27.5p 1.2p

Financial Performance

5 Year History

Consolidated Income Statement

Consolidated Income Statement Year to December 2017 £'000 Year to December 2018 £'000 Year to December 2019** £'000 Year to December 2020** £'000 Year to December 2021 £'000
Revenue 430,194 490,988 541,832 469,454 589,264
Net operating costs (376,755) (426,154) (468,151) (442,272) (513,106)
Operating profit (before adjusting items) 53,439 64,834 73,681 27,182 76,158
Adjusting items - - - (17,809) 65
Operating profit 53,439 64,834 73,681 9,373 76,223
Financial income and expenses (net) (1,388) (1,899) (3,828) (4,720) (6,901)
Profit before tax (before adjusting items) 52,051 62,935 69,853 22,462 72,070
Profit before tax 52,051 62,935 69,853 4,653 69,322
Income tax (expense) (9,925) (11,307) (11,942) (2,095) (14,424)
Profit for the financial year 42,126 51,628 57,911 2,558 54,898
Profit for the attributable to:
Equity shareholders of the parent 42,503 51,958 58,240 2,370 54,806
Non-controlling interests (377) (330) (329) 188 92
- 42,126 51,628 57,911 2,558 54,898

Financial Information

Financial Information Year to December 2017 £'000 Year to December 2018 £'000 Year to December 2019** £'000 Year to December 2020** £'000 Year to December 2021** £'000
EBITA**** 54,581 66,593 76,104 12,092 79,401
EBITA (before adjusting items) *** 54,581 66,593 76,104 29,901 79,336
EBITDA**** 67,895 80,792 103,875 45,298 107,139
EBITDA (before adjusting items) 67,895 80,792 103,875 57,618 107,074
Basic - earning per share (pence) 21.5 26.3 29.4 1.2 27.5
Basic earnings per share (before adjusting items) 21.5 26.3 29.4 8.6 28.6
Dividends per share (pence) - IFRS 12.2 14.8 16.7 - 9
Dividends per share (pence) - traditional 10.2 12.0 4.7 4.3 14.3
Dividends per share (pence) - supplementary 4.0 4.0 - - -
Year end share price (pence) 454.9 464.8 860.0 748.5 699.5
Tax rate (%) 19.1 18.0 17.1 45.0 20.8
**** 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 comparatives have been restated as a result of a reassessment of the fair value of assets and liabilities acquired.
** The Group IFRS Leases with effect from 1 January 2019 and consequently the information disclosed anove includes the impact of adoption.
***Before adjusting items.

Consolidated Balance Sheet

Consolidated Balance Sheet 2017* £'000 2018* £'000 2019** £'000 2020** £'000 2021** £'000
Non-current assets 248,055 302,785 350,035 324,416 332,742
Current assets 166,372 210,776 212,534 290,013 263,230
Total assets 414,427 513,561 562,569 614,429 595,972
Current liabilities (109,507) (141,190) (162,349) (157,158) (150,634)
Non-current liabilities (67,293) (105,656) (104,454) (169,423) (101,021)
Net assets 237,627 266,715 295,766 287,848 344,317
Net borrowings (24,297) (37,433) (59,976) (75,566) (41,121)
Gearing ratio 10.2% 14.0% 20.3% 26.3% 11.9%
***Before adjusting items
**** EBITA is defined as earnings before interest, tax and amortisation of intangibles.  EBITDA is defined as earnings before interest, tax and amortisation of intangibles and depreciation

Accounting Policies