Marshalls revenues fall 10% amid weak housing market

15th May 2024 07:05

(Sharecast News) - Landscaping and building products supplier Marshalls said revenues fell 10% in the four months to April 30 as weak demand in the housing and maintenance market continued, adding that it still expected flat profits for 2024.

Revenue came in at £199m for the period, down from £227 a year earlier. Marshalls stuck to its forecast of a modest recovery in the second half of the year "predicated on a progressive improvement in the macro-economic environment".

"Against this backdrop and given the decisive management actions taken to reduce capacity and the cost base in 2023, the Board remains confident that profit in 2024 will be in-line with its previous expectations and at similar levels to 2023."

The company added that Simon Bourne, previously chief operating officer, had moved into the role of chief commercial officer, responsible for commercial strategy and the financial performance of the group's business divisions.

Reporting by Frank Prenesti for Sharecast.com