Marshalls PLC Reports 2025 Trading Update with New CEO Appointment

Marshalls PLC reports 2025 revenue up to £632m with profit in line and appoints new CEO Simon Bourne, focusing on efficiency as markets remain subdued.

19 January 2026by Joshua Thompson5 min read26 views

This article covers information on Marshalls PLC.

LON:MSLH

Marshalls PLC 2025 trading update: revenue growth, profit in line, and a new CEO

Marshalls has delivered a steady full year performance for 2025 and confirmed a change at the top. Revenue edged up to £632 million, adjusted profit before tax will land in line with expectations, and Simon Bourne has been appointed Chief Executive Officer. The strategy remains focused on efficiency and execution as markets stay subdued into 2026.

If you are looking for a clean read on the UK construction cycle, this is it: modest growth, cost discipline, and caution on the near-term outlook.

Key numbers from Marshalls’ full year trading update

Metric	2025	Comment
Group revenue	£632 million	Up 2% year on year
Adjusted profit before tax	In line with market expectations	Company compiled consensus £43.6 million (range £42.0 million to £44.4 million)
Pre-IFRS16 net debt	£138 million	December 2024: £134 million
Liquidity headroom	£125 million	On the recently refinanced syndicated bank facility
Results date	16 March 2026	Full details to follow

Divisional performance highlights across Landscaping, Building and Roofing

Division	2025 revenue	Year-on-year	H1 growth	H2 growth
Landscaping Products	£266 million	-1%	-1%	-1%
Building Products	£172 million	+4%	+6%	+3%
Roofing Products	£194 million	+4%	+11%	-2%

Landscaping Products: volume up, mix and pricing down

Landscaping revenue slipped 1% to £266 million. It is a nuanced picture: volumes rose 4% in a subdued market, but that was offset by a 1% price investment and a 4% negative mix effect. Translation: Marshalls sold more units, but skewed towards lower priced products and offered sharper pricing to drive share.

The improvement plan is doing some heavy lifting. Network optimisation and exiting UK quarried natural stone processing were completed as planned in H2. Expected annualised savings total around £11 million, with about £3 million realised in 2025.

Building Products: steady growth, with Water Management offsetting Bricks softness

Building Products delivered 4% growth to £172 million, moderating to 3% in H2. Strong momentum in Water Management helped, while Bricks softened further. This is a solid result given the broader construction backdrop.

Roofing Products: Viridian Solar shines, Marley softer on tough comps

Roofing revenue increased 4% to £194 million. The standout was Viridian Solar, up approximately 32% for the year and growing sequentially through 2025. Growth moderated to about 18% year on year in H2 as the Part L energy efficiency regulations matured, creating tougher comparisons.

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Marley contracted in the second half due to lower market activity and relatively strong comparators. The division remains a mixed bag: structural growth in integrated solar, offset by cyclical roofing demand pressures.

Cost savings: £11 million annualised on track under ‘Transform & Grow’

Marshalls’ ‘Transform & Grow’ strategy is delivering. The Landscaping improvement plan is expected to produce around £11 million of annualised savings, of which £3 million fell into 2025. Management also called out volume and market share growth in Landscaping, suggesting the self-help actions are working.

This matters because with markets still subdued, margin improvement will come mainly from cost base reduction and mix optimisation rather than pricing power.

Balance sheet and liquidity: robust with ample headroom

Pre-IFRS16 net debt was £138 million at year end, slightly higher than December 2024 (£134 million). Liquidity looks comfortable, with £125 million of headroom on the recently refinanced syndicated bank facility. That gives Marshalls room to keep investing behind its strategy while riding out demand volatility.

Outlook for 2026: cautious markets, better performance expected

Adjusted profit before tax for 2025 will be in line with market expectations despite subdued end markets and pre-Budget uncertainty in H2. Looking ahead, the Board is not anticipating a significant improvement in market activity in the next 12 months. Even so, they expect to deliver an improved financial performance in 2026, supported by the cost actions taken in 2025.

In short, demand may not bail you out, so Marshalls is leaning on efficiency, mix and execution.

Leadership update: Simon Bourne appointed Chief Executive Officer

Marshalls has appointed Simon Bourne as CEO. He strikes a confident tone, highlighting resilience in 2025, progress on ‘Transform & Grow’, and the Group’s positioning to benefit from a recovery and medium-term structural growth drivers.

My take: the good, the bad, and the watch-outs

Positives:
- Delivery in line with expectations in a tough market is a credibility win.
- Group revenue back to growth at +2%, with Building and Roofing both positive year on year.
- Cost savings of around £11 million annualised are material, with execution already visible.
- Viridian Solar’s growth underlines structural demand tied to energy efficiency standards.
- Balance sheet looks sound with £125 million of headroom post refinancing.
Negatives:
- Market conditions remain subdued, and the Board does not expect a near-term activity uplift.
- Marley’s second-half contraction and ongoing Bricks softness show cyclical drag persists.
- Pre-IFRS16 net debt ticked up to £138 million, so cash discipline will be in focus.
- Revenue growth slowed to flat in H2 at the Group level, reflecting tougher comparators and sentiment.

What to watch into the March results and through 2026

Margins and cost savings: how much of the £11 million annualised drops through in 2026.
Cash generation and net debt trajectory after a modest year-end increase.
Landscaping volume and share: are early gains sustained without further price investment.
Building Products mix: Water Management strength versus Bricks softness.
Roofing split: Viridian Solar’s growth rate as Part L comparatives normalise, and Marley demand stabilisation.
Any updates to the ‘Transform & Grow’ execution plan and capex priorities.

What was not disclosed in this trading update

Exact 2025 adjusted profit before tax number beyond “in line” with consensus.
Margins by division, cash flow, working capital details and free cash flow.
Dividend information.
Order book or specific trading run-rates into early 2026.
Any guidance ranges for 2026 revenue, profit or capex.

Bottom line: Marshalls is doing the controllables. Revenue grew modestly, profit delivery should meet the market, and self-help is the lever for 2026. With a new CEO and a robust liquidity position, the set-up looks sensible for an efficiency-led improvement while waiting for end markets to recover.