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Marshalls – “trading statement”. I right to have not been confident of ‘in line with expectations’?

Previously writing on landscape, building and roofing products manufacturer and supplier Marshalls (MSLH), in March with the shares slightly further falling from close to 300p I warned suggesting underlying earnings heading lower this year and the macroeconomic outlook concerning for assumed progressive improvement in the end markets. So what of today a trading statement… and the shares currently lower towards 270p?

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Marshalls (#MSLH) – four months LFL revenue -14% YoY, “weaker than originally anticipated”

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Marshalls – 2022 results, how confident to be of ‘in line with expectations’ ahead?

Previously writing on landscape, building and roofing products manufacturer and supplier Marshalls (MSLH), in January with the shares around 325p I concluded that outlook uncertainty saw me continue to avoid. The shares most recently closed at just below 300p and are currently slightly further lower on the back of calendar year 2022 results.

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Marshalls (#MSLH) – 2022 adj. EPS +7%, DPS +9%, notes currently “challenging” markets

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Marshalls – “in-line with current market expectations”, but for how long does that mean?

Landscape, building and roofing products manufacturer and supplier Marshalls (MSLH) has issued a trading statement commencing that “revenue for the year ended 31 December 2022 was £719 million (2021: £589 million)” and including that it “expects to deliver adjusted profit before tax for the full year that is in-line with current market expectations”. The shares have currently responded up to around 325p, but why still far below the 500p+ of even last summer?

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Marshalls (#MSLH) – 2022 LFL revenue +1%, mindful of macro-economic environment impact

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Marshalls – profit warning, and a further difficult trading outlook from here?

Describing itself as “the UK's leading manufacturer of superior natural stone and innovative concrete hard landscaping products” Marshalls (MSLH) has issued a trading statement commencing that “Group revenue for the nine months ended 30 September 2022 was £544 million (2021: £453 million)” and also including “a particularly strong performance from the Bricks & Masonry business… Marley (pitched roofing)… grew in the third quarter… the group's balance sheet continues to be robust”. So what of a current circa 250p share price, down more than 17%?!

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Marshalls (#MSLH) – 9 months organic revenue +4%, now anticipates FY “slightly below the bottom end of the current range”

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Marshalls (#MSLH) – H1 LFL revenue +7%, expects FY “in line with market expectations”

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Marshalls (#MSLH) – argues FY confidence, though notes “more uncertain trading environment”