Marshalls PLC

Marshalls reported broadly flat first-half revenue of £380 million as weak activity in new housing and private housing repair, maintenance and improvement markets continued to weigh on volumes, but operating profit rose 8% to £30.7 million, supported by improved profitability in its Landscaping Products segment. Profit before tax increased 13% to £24.9 million, helped by lower finance costs, while earnings per share rose 14% to £0.076, and the company increased its interim dividend by 14%. Landscaping Products operating profit increased by £5.2 million, driven by improved gross margins, lower manufacturing costs and reduced overheads under the division's improvement plan, which remains on track to deliver £11 million of annualized cost savings by the end of 2026. Building Products revenue declined by just under 1%, with segment operating profit falling £700,000 to £6.2 million due to lower volumes, oil-related surcharges and weaker manufacturing efficiency, while Roofing operating profit declined £1.7 million to £23.1 million. Marshalls outlined a medium-term pathway to £112 million in operating profit, roughly double the 2025 level, and left its full-year profitability expectations unchanged.