Marshalls (MSLH) Trading update summary

Trading performance and revenue

• Group revenue for the first four months of 2026 was £205 million, down 1% year-on-year, but in line with expectations.

• Landscaping Products revenue held steady at £86 million, with market share gains and improved service.

• Building Products revenue was flat at £56 million; Mortars & Screeds performed well, while Bricks & Masonry faced weak housing demand.

• Roofing Products revenue declined 3% to £63 million, reflecting softer demand and increased industry capacity.

• Viridian Solar achieved year-on-year revenue growth and maintained margins.

Operational and strategic progress

• Performance improvement plans in Landscaping are delivering cost savings and operational gains.

• Water Management is building a strong pipeline for future growth, especially under AMP8 investment cycles.

• Roofing division maintained performance through commercial discipline and manufacturing efficiency.

• The 'Transform & Grow' strategy is strengthening market position and operational performance.

Financial position and outlook

• Pre-IFRS 16 net debt at 30 April 2026 was £167 million, down from £171 million the previous year.

• £107 million of the revolving credit facility remains undrawn, supporting liquidity.

• Balance sheet expected to de-lever in 2026, with current net debt increase due to seasonal working capital needs.

• Full-year expectations remain unchanged despite macroeconomic uncertainty and Middle East conflict impacts.