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Building materials firm Marshalls has revealed a slump in sales last year after weaker demand for landscaping.
Bosses said they expect a market recovery later in 2025 as they cheered UK Government plans to increase housebuilding.
The firm also revealed stronger profits as it was boosted by cost-efficiency efforts over the past year.
On Monday, Marshalls told shareholders that revenues slid by 8% to £619.2 million in 2024, amid a “challenging” construction market in the UK.
The group was particularly impacted by a 17% slump in its landscaping division as it witnessed lower volumes and weaker pricing in the market.
Elsewhere, the group’s roofing business saw revenues improve by 4% as it benefited from growth in solar panels.
Marshalls saw pre-tax profits grow by 77% to £39.4 million for the year after cutting costs.
Matt Pullen, chief executive of Marshalls, said: “I am pleased to report our results for what has been an important year for Marshalls, where the group has shown resilience in challenging markets.
“As we look ahead, we are encouraged by the Government’s commitment to boosting new housebuilding and investing in national infrastructure, which together with our ‘transform and grow’ strategy, and the positive impact of operational leverage, will benefit all our businesses in the medium term.
“In the nearer term, we expect a market recovery later this year, which should strengthen progressively.”
Mark Crouch, market analyst at EToro, said: “Marshalls’ investors had hoped the building material supplier had turned a corner in 2024.
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“After committing to aggressive cost-cutting and streamlining operations to boost efficiency, it has seen some success.”
Shares in the company were down 2.3% in early trading.
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