Marshalls said its trading is in line with expectations for the first four months of 2026 and maintained its full-year outlook despite continued end-market uncertainty.
Group revenue came in at £205m for the four months to 30 April, just 1% below the £207m posted in the same period last year. Falling revenue was largely attributed to the slow economic environment, which is weighing on most construction-related companies.
Marshalls said it’s addressing cost inflation driven by the Middle East conflict through targeted commercial actions and close customer engagement.
The company is operating against a difficult backdrop, and investors shouldn’t be too upset with today’s update. Indeed, shares were 3% higher at the time of writing as bargain hunters took the opportunity to pick the stock up near multi-year lows.
Among the individual product lines, the Landscaping Products division had the most encouraging part of the story. Revenue was flat at £86m, but the business has clawed back market share without eroding margins. This area of the business remains on track to deliver £11m of annualised cost savings by year-end.
In Building Products, revenue was also flat at £56m. Roofing Products dipped 3% to £63m.
Simon Bourne, Chief Executive Officer, said: “Trading in the first four months of the year has been in line with our expectations, and our teams are making clear progress in the areas within our control.
“The disciplined execution of our ‘Transform & Grow’ strategy is strengthening our market position, improving service and operational performance, alongside maintaining a tight focus on cash, cost and capital allocation.”