Marshalls plc has published its results for the year ended 31 December 2025.

According to the newly published accounts, Marshall saw a modest increase in revenue of just 2% (to £632 million from
£619 million in 2024), while adjusted profits before tax shrank by 16% (from £52.2 million in 2024 to £43.7 million), which is "in line with market expectations".

Building Products delivered revenue growth of 4% with good performances in Water Management and Mortars. Landscaping Products improvement plan delivered higher volumes and market share gains despite subdued end markets, offset by targeted price investment and a weaker product mix. Roofing Products revenue growth of 4% was driven by c.32% growth in Viridian Solar as it capitalised on new build energy efficiency regulations. Similarly, strengthened customer relationships beginning to deliver, with 4% volume growth outperforming a flat market. 

Decisions to downsize capacity, optimise the network, reduce portfolio complexity and tighten commercial practices are reported as on track to deliver £11 million of annualised cost savings by the end of 2026.

Market activity levels in the first two months of 2026 remained consistent with the close of 2025, although they were affected by persistent rainfall.

Against this backdrop, the company's priority for 2026 is the disciplined implementation of the ‘Transform & Grow’ strategy. The Board says it is mindful of the conflict in the Middle East. However, in the absence of clarity on the impact of the conflict on its end markets and cost base, its expectations for the year remain unchanged and the Board is confident of driving a material increase in profitability and returns over the medium-term.

Simon Bourne, Chief Executive Officer, commented: “We have acted decisively to strengthen Marshalls’ foundations as part of our ‘Transform and Grow’ strategy. These actions have resulted in a sharper focus on execution with greater emphasis on delivery and commercial discipline alongside more value-driven activity across the business. We are not simply waiting for a cyclical recovery. As a result, the business has returned to revenue growth while adjusted profit before tax was in line with the guidance set out in July last year.

"In Landscaping Products, we have made significant progress on our near-term improvement plan and put the building blocks in place to support a material increase in operating margins. In Roofing and Building Products, we have continued to position the business to capture regulatory and infrastructure-led demand.

"Our strategic direction remains unchanged, and our immediate focus is on executing against our plan with greater discipline, in order to deliver sustainable, profitable growth over the medium term.”