Marshalls delivers record financial performance in 2022 against challenging market conditions

Marshalls said the acquisition of Marley accelerated the diversification of its product offering and provided increased resilience.

Marley traded robustly and ahead of plan in the post-acquisition period, Marshalls said in a statement to accompany the results. The company’s management also remain confident of delivering operational improvements, the statement added.

Marshalls said it was continuing to invest in technology to make it more efficient and the group’s board remains confident of delivering a result that is in-line with its expectations for 2023.

Marshalls’ secured revenue of £719.4m, which was a 22 per cent increase on the previous year, in 2022.

The group’s adjusted PBT (profit before tax) for the year was £90.4m, an increase of 23 per cent on 2021.

Commenting on the results, Martyn Coffey, the chief executive, said:

“Marshalls reported a record financial performance in 2022 against challenging market conditions. This performance demonstrates the benefit of the group’s deliberate diversification strategy, illustrated by the acquisition of Marley in 2022 and other acquisitions in recent years that now form the core of our building products segment.

“We took decisive action to reduce our capacity and cost base in 2022 in response to a contraction of demand in our landscape products business, and we will continue to focus on maintaining flexibility to respond to evolving market conditions and executing self-help initiatives as required.

He added: “Our strategy is underpinned by our strong market positions, established brands and focused investment plans to drive ongoing operational improvement.

"Notwithstanding short-term challenges, the board remains confident that the group is well placed to deliver profitable long term growth when market conditions improve and continues to focus on its key strategic initiatives.”