Marshalls holds guidance as sales growth contraction eases in Q3

16th Oct 2024 07:56

(Sharecast News) - Shares in Marshalls surged as the landscaping and building materials supplier held annual guidance and indicated that the contraction on sales growth had eased in the third quarter amid a weak economic backdrop.

The company on Wednesday said group revenue for the third quarter was down 3%, compared with 12% for the half year. Sales over the year to the end of September were down 9%. Marshalls shares were up almost 14% in London trade.

Landscape products revenue fell 17% to £209m on a like for like basis. The contraction rate slowed in the quarter to 13% from the 19% reported at the half year, driven by a moderation in the decline in new house building and private housing repair, maintenance and improvement end markets.

In the building products unit, sales fell 4% to £128m, with the third quarter in line with 2023, while in roofing products revenue grew marginally to £139m from £138m a year ago.

Reporting by Frank Prenesti for Sharecast.com