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Year in review 2025
2025 highlights
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Strategic highlights
- Return to revenue growth with a clear plan to intensify the execution of our ‘Transform & Grow’ strategy
- Landscaping Products improvement plan delivered higher volumes and market share gains despite subdued end markets, offset by targeted price investment and a weaker product mix
- Building Products delivered revenue growth with good performances in Water Management and Mortars & Screeds, and good progress on strategic growth opportunities in Water Management
- Roofing Products revenue growth of 4% was driven by 32% growth in Viridian Solar as it capitalised on new build energy efficiency regulations
Financial highlights
- Robust balance sheet with year-end pre-IFRS 16 net debt of £137.9 million and leverage of 1.8 times adjusted EBITDA
- Adjusted operating cash flow conversion of 88% which reflects disciplined working capital management
- Successfully refinanced the £270 million facility in November 2025 with no change in commercial terms, reinforcing the medium-term funding platform and providing flexibility to continue executing our strategy at pace
ESG highlights
- Recognised as a European Climate Leader for the fourth time by Financial Times and Statista
- Continued increasing Environmental Product Declarations (EPDs) to support customer transparency and tender requirements
- Maintained Fair Tax Mark accreditation and Living Wage employer status
- Continued progress against our net-zero pathway, supported by improved data capabilities
- Strengthened responsible business practices, including comprehensive supply chain mapping at Viridian Solar and the launch of an Ethical Use of AI policy and training
- Continued focus on skills development and social value in communities where we operate
Chief Executive Officer and Chair statement
Vanda Murray - Chair
"In a year of significant change and continued market challenges, the Board’s focus has been clear: safeguarding our financial resilience today while driving the structural transformation required for tomorrow."
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Simon Bourne - Chief Executive Officer
"With a clear focus on pace and execution, we are reinforcing the delivery of our ‘Transform & Grow’ strategy to unlock the full potential of our diversified portfolio. Guided by our purpose of ‘Building Tomorrow’s World’, we have taken decisive action to drive resilience today while building a stronger, more profitable business for the future."
View full statementWe’re building tomorrow’s world
By staying true to our purpose and vision, we’re putting our Transform & Grow strategy into action to navigate the current market and be ready to accelerate as conditions improve.
Our strategy in action
Landscaping
In a subdued market, we reshaped the business to perform profitably at current demand levels – cutting complexity, right-sizing the cost base and sharpening pricing and mix discipline. As volumes recover, the combination of a lower fixed cost base, better mix and operating leverage provides clear upside potential.
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Marley Roofing
In 2025 the roof tile market became more competitive, with softer demand and additional industry capacity placing pressure on concrete tile volumes. Marley remained focused on protecting margins, service performance and disciplined trading. While the increase in competitive intensity is expected to persist through in 2026, we are progressing targeted investment to modernise manufacturing lines and enhance efficiency, ensuring the business remains competitive throughout the cycle.
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Viridian Solar
Viridian Solar delivered strong growth as housebuilders implemented Part L (2021) energy efficiency regulations, supported by best-in-class product performance and a differentiated service model. As Part L adoption becomes embedded, our priority is to protect and extend market leadership through continued investment in product, customer service and operational resilience, while expanding ArcBox into international markets.
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Water Management
We have built the foundations for the next phase of growth: improved service, scaled operational capacity and stronger engagement with Tier 1 contractors and specifiers through framework agreements. Our focus now shifts to converting the design pipeline into orders and deliveries as AMP8 mobilisation translates into on-the-ground activity.
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Bricks & Masonry
Disciplined decisions have protected margin against a backdrop of increased supply and subdued demand. While we remain confident in the medium-term opportunity, supported by a recovery in new housing and a shift towards lower-carbon products, costs will remain controlled until activity levels improve.
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Mortars & Screeds and Aggregates
Mortars & Screeds delivered strong growth as the shape of the housing market favoured demand for our ready-to-use mortar products. Combined with a strong service offer and national footprint, this supported increased revenue and volumes. Aggregates operated in a softer demand environment, with performance reflecting a more subdued market.
VisitBuilt for the Future
Built for the Future is our ESG framework for driving change and helping our customers to reduce carbon, build resilient spaces and make responsible choices.
View sustainability report
Outlook
- Market activity levels in the first two months of 2026 remained consistent with the close of 2025, although they were affected by persistent rainfall, and we are mindful of the potential impacts of the conflict in the Middle East
- We’re focused on sharper execution of Transform & Grow; tightening our focus, intensifying our pace, and improving performance. We’re ensuring teams across our businesses are aligned behind priorities that will improve margins, cash, and service outcomes, which supports our unchanged expectations for the year
- Fundamentals of the business remain attractive. Underpinned by our diversified portfolio, leading brands and best-in-class capabilities, we remain committed to delivering our medium-term targets
