19th Jan 2023 10:08
(Alliance News) - Marshalls PLC on Thursday said it achieved double-digit revenue growth in 2022, and it expects to deliver on market expectations for annual profit.
The Elland, West Yorkshire-based landscaping products firm said revenue rose 22% to GBP719 million, from GBP589 million a year before. This included the benefit from its GBP535 million acquisition of roofing firm Marley Group back in April.
On a like-for-like basis, revenue was up 1%.
"The group's performance in the period since the trading update on 7 October 2022 has been as anticipated and the Board expects to deliver adjusted profit before tax for the full year that is in-line with current market expectations," Marshall said.
It cited company-compiled market consensus for an annual adjusted pretax profit of GBP90.4 million, within a range of GBP89.8 million to GBP91.1 million. In 2021, the company had an adjusted pretax profit of GBP72.1 million.
Among its divisions, Marshalls noted its Landscape Products saw a tough year of trading, due to its exposure to "more discretionary elements" of repairs, maintenance and improvements in private housing. It recorded GBP393 million, which was 7% lower than the year before.
Its Building Products traded well, however, with revenue growing 17% year-on-year to GBP193 million, led by a strong performance in its Bricks & Masonry business.
Marley Roofing Products brought in revenue of GBP132 million, which was 6% higher than 2021.
"The integration of Marley into the group continues to progress in-line with plan, and the board remain confident of extracting value from operational improvements and leveraging best practices within the group," the firm said.
Looking ahead, Marshalls said it is confident of continuing progress towards its goal of becoming the UK's leading manufacturer of products for the built environment.
It will announce its annual results on March 15, alongside guidance for 2023.
Shares in Marshalls were up 0.3% to 315.54 pence each in London on Tuesday morning.
By Elizabeth Winter, Alliance News senior markets reporter
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