Half Year 2026 Marshalls PLC Earnings Call Transcript
Key Points
- Operating profit increased by 8% to GBP 30.7 million, with profit before tax up 13% and earnings per share up 14%.
- Landscaping Products segment improved profitability by GBP 5.2 million, driven by the performance improvement plan and cost savings.
- Market share growth in landscaping (up 2.6 percentage points) and roofing, supported by improved customer engagement and net promoter scores.
- Strong cash conversion at 98%, with net debt reduced by GBP 15 million year-on-year and leverage down to 1.7 times.
- Interim dividend increased by 14%, reflecting confidence in the business and application of the dividend policy.
- Revenue was broadly flat at GBP 380 million, with volumes lower year-on-year due to weak end markets in new housing and private RMI.
- Roofing Products operating profit decreased by GBP 1.7 million, impacted by competitive intensity in concrete roof tiles and lower volumes.
- Building Products operating profit fell by GBP 0.7 million, affected by low volumes, oil price surcharges, and an extended site shutdown.
- The company faces headwinds from higher oil prices and the war in Iran, leading to surcharges that partially offset profit gains.
- End markets remain subdued, with no material recovery expected in the second half, and the company is not banking on cyclical upside.
Good morning, everybody and welcome to the Marshalls 2026 half year results presentation. First of all, thank you to everybody in the room for joining us and of course to those online too.
As usual, I am joined this morning for the presentation by Justin Lockwood, our Chief Financial Officer.
Now just a quick rundown of the agenda. I am going to give a brief overview of the group highlights before handing over to Justin who will take us through the group's half year financial results in more detail. I am then going to return to share an update on the progress that we are making by way of an operational review, highlighting the tangible metrics to demonstrate the progress that we are making.
I will then wrap up with a summary and a view on the outlook before opening the floor to questions. And just a quick reminder for our online participants, you can submit your questions at any time via the chat and we will read them out in the room before responding.
So
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