Marley Revenue Drops 8% This Year

MARLEY ROOF TILES, which makes up the Roofing Products division of Marshalls plc, saw an 8% drop in revenue on the first 4 months of this year, compared to 2023.

In a trading update to 30 April 2024, and ahead of its Annual General Meeting on 15 May, Marshalls, manufacturer of solutions for the built environment, reported continuing subdued markets.

Marley Revenue 

Roofing Products revenue was £56 million, compared to £61 million in 2023. Within the roofing division, Viridian Solar (Marley’s solar offering) revenue was slightly higher than 2023 despite the significant reduction in new build activity. The increase is being driven by the start of the expected increase in volumes arising from the change in building regulations, Marshalls report.

Marshalls says its Board maintained its proactive control of costs and the successful reduction of net debt. The company has restructured the executive team to prioritise its commercial focus and accelerate the implementation of strategic initiatives.

Group revenue during the period was down by 10% overall on a like-for-like basis at £199 million, compared to £227 million in 2023. The reduction reflects the expected continuation of weak demand in the business’s end markets of new build housing and private housing RMI.

Marshalls say it continues to expect a modest recovery in the second half of the year based on an improvement in the macro-economic environment. Action taken to reduce capacity and costs in 2023 mean the Board is confident that profit in 2024 will be in-line with its previous expectations and at similar levels to 2023.

Other Divisions

In Marshalls other divisions, trading performance saw a 15% drop in revenue for Landscape Products to £89 million (2023: £110 million). A weaker performance in new build housing and discretionary private housing RMI was moderated by a more modest reduction in commercial & infrastructure revenues, the company says.

Building Products fell by 3% to £54 million (2023: £55 million). Revenue in the civils and drainage business increased year-on-year supported by increased infrastructure work, and more recently by some improvement in housing groundwork activity. Bricks and mortar revenues were lower than 2023 due to weaker new build housing activity than last year.  The Group further increased its share of the UK brick market in the first quarter of 2024.

The company also reported that Simon Bourne, previously the Group’s Chief Operating Officer, has moved into the role of Chief Commercial Officer, responsible for the Group’s commercial strategy and the financial performance of the Group’s business divisions. He will continue in his role as a member of the Marshalls Board.

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