Marley Roofing and Viridian Solar Buoys Up Marshalls 2024 Results

MARLEY ROOFING and Viridian Solar buoyed up Marshalls plc results, which reported an 8% drop in revenue in its end of year report for 2024.

The company, which has four divisions, was sustained by its roofing and solar businesses, mitigating its profit loss to only a 2% decline in adjusted profit before taxation.

Marshalls 2024 Results

Two of the Group’s primary end markets, new housing and housing RMI, together account for around 70% of its revenues. These markets, Marshalls says, “continued to be challenging during the year”. They are estimated to have contracted by 9% in new housing and 3% in housing RMI.

While Marshalls’ Building Products division returned to modest growth and a rise in profitability, the company’s Landscape division saw revenues contract by 17%.

Roofing Division

Marley Roofing revenue in 2024 increased by 4% the whole year, with growth of 13% in the second half of the year.

Adjusted operating profit for 2024 was £49.4m for Marshalls’ roofing division – up 10% on the previous year.

Approximately 47% of revenues in the roofing division are generated from new housing and around 42% from housing RMI, with the balance generated from commercial & infrastructure end markets.

The improved growth in the second half year for Marshalls’ roofing division was mainly driven by Viridian Solar, which delivered revenue growth of over 70%.

Viridian Solar revenues grew as its products were chosen by housebuilders driven by greater energy efficiency requirements in building regulations.

Marley Roofing in 2025

The Marley roofing division is focusing on one of its core markets in social housing to optimise profit. It will also target market share in the larger private housing RMI sector and leverage its full roof offer to increase market share in private new housing.

It says it will deliver these goals through building on its brand position, investing in specification selling and quality differentiation, supporting relationship building with roofing contractors, and leveraging the solar roof system to meet housebuilder and public sector housing needs.

The business is targeting revenue outperformance of the wider market by 1-2% a year.

Viridian Solar in 2025

Viridian Solar sells integrated solar for pitched roofs mostly for new housing. Marshalls says its customers value its wrap around service and ESG offer.

Changes to Part L of the Building Regulations have resulted in take-up of solar PV in new housing. This market is expected to increase the penetration of solar in England and Wales from around 10% to around 80%.

The business aims to hold on to its “significant market share”, whilst the market size increases. Viridian Solar is aiming for outperformance of the wider market by 8-12% a year.

Outlook

Overall, Marshalls reports an 8% fall in annual revenue to £619.2 million with operating profit of £53.9m and profit before tax of £39.4 million.

The group expects to see an improving market later this year, with a recovery in new housebuilding as a key driver.

This confidence is underpinned by the Government’s ambition to reinvigorate new house building and to invest in the nation’s infrastructure alongside further likely cuts to the base rate.

Following restructuring in the last 12-18 months, the group anticipates higher revenues with a need to invest in working capital during 2025.

Matt Pullen, Marshalls CEO.

Matt Pullen, Chief Executive, said: “I am pleased to report our results for what has been an important year for Marshalls, where the Group has shown resilience in challenging markets by restricting the reduction in profit before tax to 2% despite an 8% contraction in revenue.  During the year, we also launched our ‘Transform & Grow’ strategy which establishes a solid foundation.

We are particularly pleased with the growth in Roofing Products in the year. Marley Roofing returned to growth in the second half of the year and Viridian Solar performed strongly driven by the increased adoption of in-roof solar solutions in new housing.

The positive performances of our Roofing and Building Products, which contributed more than 80% of our profit in 2024, highlight the strength of a diverse portfolio.

As we look ahead, we are encouraged by the Government’s commitment to boosting new house building and investing in national infrastructure, which together with our ‘Transform & Grow’ strategy and the positive impact of operational leverage, will benefit all our businesses in the medium term. In the nearer term, we expect a market recovery later this year, which should strengthen progressively.”

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