Landscaping supplier Marshalls claimed a ‘resilient performance’ as its revenue for the first half of 2024 dropped by 13% compared to 2023. 

The fall, from £354m to £306m was attributed to low levels of new build housing and private housing repair, maintenance and improvement spend, 

However, its board remains optimistic for a recovery across the second half of the year, should there be a progressive improvement in the macro-economic environment. 

It also credited decisions made at the end of 2023 and predict that profits and pre-IFRS16 debt will be broadly in line with expectations come the end of the year. 

Marshalls’ CEO Matt Pullen says the group is optimistic for the future and praised the company’s structure which he says has resulted in a more balanced company.   

Pullen says: “The group has delivered a resilient performance in weak end markets. The result in the first half is encouraging and demonstrates that the strategy of diversification, building on the group’s historic core Landscape Products business, through the acquisition and improvement of less cyclical businesses in recent years, has resulted in a more balanced group.” 

The group is currently in a review of its strategy. and has identified further opportunities to improve over its medium-term future. 

These include: attractive sustainability-driven markets across bricks and masonry, water management and energy transition alongside a cyclical recovery in our core landscape and roofing businesses.

Marshalls will reveal more information on its new five-year strategy at a capital markets event in November.