Marshalls (#MSLH) – Q3 revenue -3% YoY, expects FY “in line with its previous expectations… in anticipation of a continued improving demand environment”

Marshalls – argues half-year “resilient” performance, but already states it believes full-year will only be “broadly in-line” with expectations

Landscape, building and roofing products company Marshalls (MSLH) has announced results for the first half of 2024 including emphasising “resilient group performance… Balance sheet strengthened through further reduction in net debt. Board believes that the 2024 outturn will be broadly in-line with its previous expectations”. However, with “broadly in-line” tending to mean ‘slightly behind’, how “resilient” is the performance with a currently slightly falling to 336.5p share price, still above £850 million market cap?

Marshalls (#MSLH) – H1 adj. EPS down to 7.9p, DPS maintained at 2.6p, remains cautiously optimistic of H2 end-markets “modest recovery”

Marshalls (#MSLH) – 4 months LFL revenue -10% YoY, “continues to expect a modest recovery in the second half”

Marshalls – emphasises “medium-term” and “long-term” potential, so guess what that means for the near-term…

Previously writing on landscape, building and roofing products manufacturer and distributor Marshalls (MSLH), in October I noted its ‘in line with expectations’ trading statement followed then as recently as July the company having gone from assuming a progressive end markets improvement to “believes that the result in the second half will be markedly weaker than the first half”. The shares most recently closed at a higher 290.6p, but what of now a results announcement?

Marshalls (#MSLH) – 2023 adj. EPS down to 16.7p, DPS to 8.3p, current revenue lower still

Marshalls (#MSLH) – ‘challenging’ trading, argues likely “progressive improvements in the group's end markets during 2024”

Marshalls (#MSLH) – CEO Martyn Coffey to “step down” at end-Feb, appointment of Matt Pullen as CEO Designate

Marshalls – trading ‘in line with expectations’…but how much of an achievement is that?…

Landscape, building and roofing products manufacturer and distributor Marshalls (MSLH) has issued a trading statement including that “trading in the third quarter was in-line with the board's expectations… remains confident of achieving a result that is in-line with its expectations for 2023… the group's balance sheet remains robust”. What of that and a share price currently up by more than 5% in response to above 208p?

Marshalls (#MSLH) – Q3 LFL revenue -9% YoY, emphasises actions taken in response to market conditions

Marshalls (#MSLH) – H1 adj. EPS -38%, DPS -54%, notes persisting challenging trading environment

Marshalls – I having previously stated I expect material trading deterioration, what does a latest trading statement state?

Landscape, building and roofing products manufacturer and distributor Marshalls (MSLH) has issued a “trading statement” following the first half of 2023. I’ve previously questioned how the half-year would compare to a 2022 comparative £44.6 million adjusted pre-tax profit which evolved into a full-year £90.4 million generating earnings per share of 31.3p. So how is the latest trading statement?

Marshalls (#MSLH) – H1 LFL revenue -13% YoY, believes H2 results will be markedly weaker than H1

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?

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

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.

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

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?

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

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%?!