OWNERS OF MARLEY, Marshalls plc reports £719 million revenue for the year ended 31 December 2022, up by 22% on the previous year’s £589 million.
Marshalls annual turnover growth includes revenue stemming from Marshalls acquisition of Marley in April 2022. On a like-for-like basis, the company’s revenue growth was 1%.
The business states that performance in Q422 has been as anticipated and adjusted profit before tax will be in line with market expectations of £90.4 million with a range of £89.8 million to £91.1 million.
Marley Roofing Products contributed revenue of £132 million to the group in the 8 months of its ownership, which represents growth of 6% compared to the corresponding period in 2021.
Revenue growth slowed during the second half of the year due to a softer market backdrop and destocking in the distribution channel, with Marley’s turnover in the final quarter being in-line with 2021’s. The integration of Marley into the Group continues to progress in-line with plan, the company says. The Board says it “remains confident of extracting value from operational improvements and leveraging best practices” within the Marshalls group.
In other parts of the group, Marshalls Building Products traded “robustly” in 2022, the company says, despite slowing of activity in the final quarter of the year with poor weather disrupting construction sites in December. Revenue grew by 17% to £193 million over the year (2021: £164 million) with a particularly strong performance from the bricks and masonry division.
Marshalls Landscape Products had a tougher year, with market conditions in the more discretionary elements of private housing RMI hardening. Revenue dropped by 7% to £394 million from £425 million in the previous year. Contraction slowed in Q422 to 12% compared to 16% in Q3, reflecting more stable stock holding in the distribution channel. The company says “decisive action” taken to reduce production and costs have reduced annual operating costs by approximately £10 million.
Outlook and Notice of Results
Despite uncertain macro-economics and their impact on construction, Marshalls says it remains confident of making progress towards its ambition to become the UK’s top manufacturer of products for the built environment.