Business
Half-year Report
Half-year Report.
About this update from Marshalls Plc
[{"type":"text","content":"\n\nEmbargoed until 7.00am on Monday 12 August 2024\n \n\n \n \nHalf year results for the six months ended 30 June 2024\n \nPositioning the Group for outperformance over the medium term\n \nMarshalls plc, a leading manufacturer of sustainable solutions for the built environment, announces its results for the half year ended 30 June 2024.\n \n· Resilient Group performance in weak end markets, with the impact partially mitigated by decisive management actions and the benefit of our diversification strategy\n· Landscape Products performance challenging - further self-help actions being implemented at pace\n· Balance sheet strengthened through further reduction in net debt\n· Board believes that the 2024 outturn will be broadly in-line with its previous expectations\n· Capital markets event in November 2024 to set out medium term growth opportunities\nFinancial summary\n \n\n\n\n\n£'M\n\n\nH1 2024\n\n\n H1 2023\n\n\nChange\n\n\n\n\nRevenue\n\n\n306.7\n\n\n354.1\n\n\n(13%)\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted results (Notes 1 and 2 below)\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted EBITDA\n\n\n50.6\n\n\n58.8\n\n\n(14%)\n\n\n\n\nAdjusted operating profit\n\n\n34.0\n\n\n41.9\n\n\n(19%)\n\n\n\n\nAdjusted profit before tax\n\n\n26.6\n\n\n33.2\n\n\n(20%)\n\n\n\n\nAdjusted basic EPS - pence\n\n\n7.9\n\n\n10.2\n\n\n(23%)\n\n\n\n\nAdjusted annualised ROCE (%)\n\n\n7.6\n\n\n10.6\n\n\n(3ppts)\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\nInterim dividend - pence\n\n\n2.6\n\n\n2.6\n\n\n-\n\n\n\n\nPre-IFRS 16 net debt\n\n\n155.8\n\n\n184.6\n\n\n16%\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\nReported results\n\n\n \n\n\n\n\n\n\n\n\n\n\nOperating profit\n\n\n28.9\n\n\n26.8\n\n\n8%\n\n\n\n\nProfit before tax\n\n\n21.5\n\n\n16.7\n\n\n29%\n\n\n\n\nBasic EPS - pence\n\n\n6.4\n\n\n5.2\n\n\n23%\n\n\n\n\n \nFinancial highlights\n\n\n\n\n· \n\n\nGroup revenue reduction principally driven by Landscape Products reflecting sustained low levels of new build housing and private housing repair, maintenance and improvement ('RMI') spend.\n\n\n\n\n· \n\n\nFinancial performance benefitted from decisive actions taken in 2023 to red...