27th Nov 2025 11:13
(Alliance News) - Marshalls PLC on Thursday kept its full-year expectations unchanged, as it reported that Chief Executive Matt Pullen is stepping down with immediate effect.
The Yorkshire, England-based maker of hard landscaping products named Pullen as CEO designate back in December of 2023, with him officially taking up the role of CEO in March the following year.
Marshalls has appointed current Chief Commercial Officer Simon Bourne as interim chief executive, adding that the search for a permanent CEO is current underway.
Bourne joined the company back in 2015, said Marshalls, and was appointed to the board as chief operating officer in 2022, with him assuming further commercial responsibilities from 2024.
Shares in the company have struggled in 2025, down 37% year-to-date, with this extending to a 44% decline over the last 12 months. On Thursday morning, they edged up 1.0% to 178.96 pence in London.
Earlier this month, the maker of paving stones provided a trading update where it reported revenue of GBP548 million for the 10 months to October 31, up 2.4% from GBP535 million a year earlier.
Revenue from Landscaping Products was down 1%, but revenue from both Building Products and Roofing Products was up 5%.
However, in the four months since July, it said revenue has been flat, amid a 3% decline for Roofing Products, flat revenue for Landscaping Products, and a 4% increase for Building Products.
The company maintained guidance for adjusted pretax profit of between GBP42 million and GBP46 million in 2025. This will be down from GBP52.2 million in 2024 and GBP53.3 million in 2023.
Marshalls on Thursday kept its full-year expectations unchanged, stating it is "well positioned" to benefit from a market recovery and the structural growth drivers underpinning its businesses.
It added that it has enhanced its financial position through the signing of a four-year, syndicated GBP270 million bank facility, refinancing an existing facility that was due to mature in April 2027.
"On behalf of the board I would like to thank Matt for his contribution during his time as CEO during which we successfully launched our 'Transform & Grow' strategy. Now is the right time to refocus the business and accelerate the execution of our strategy to ensure we take full advantage of our growth opportunities," said Chair Vanda Murray.
"The board looks forward with confidence to working with Simon in his new role as Interim CEO to drive the business forward at pace."
By Christopher Ward, Alliance News reporter
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