Marshalls PLC (MSLH.L), a supplier of landscaping, building, and roofing products, Monday reported profit before tax of 11.7 million pounds for the first half, 46% lower than 21.5 million pounds in the same quarter a year ago, impacted by increase in operating costs as well as financial expenses.
"End markets remain challenging with subdued demand exerting pressure on prices, and a less profitable product mix adversely impacted profitability," the company said in a statement.
Excluding one-time items, adjusted profit before tax decreased 17% to 22 million pounds from 26.6 million pounds last year.
Operating profit declined 37% to 18.1 million pounds from 28.9 million pounds in the prior year. Adjusted operating profit was 28.4 million pounds, 16% down year-on-year.
Profit after tax dropped to 8.9 million pounds or 3.5p per share from 16.1 million pounds or 6.3p per share a year ago. Adjusted profit after tax decreased to 16.7 million pounds or 6.6p per share from 19.9 million pounds or 7.8p per share last year.
Revenue for the period, however, increased 4% to 319.5 million pounds from 306.7 million pounds in the previous year, driven by growth in both building and roofing products.
The Board has declared an interim dividend for 2025 of 2.2p per share, to be paid on December 1 to shareholders of record on October 24.
"Looking ahead, while the macroeconomic outlook remains uncertain and markets are likely to stay subdued in the near term, we are encouraged by the Government's commitment to new housing and infrastructure investment which, together with our 'Transform & Grow' strategy, positions us well for sustainable growth across all our businesses in the medium term," commented Matt Pullen, Chief Executive.
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