Marshalls shares surge as sales growth contraction eases in Q3
Shares in Marshalls surged as the landscaping and building materials supplier held annual guidance and indicated that the contraction on sales growth had eased in the third quarter amid a weak economic backdrop.
Construction & Materials
12,558.38
16:59 16/10/24
FTSE 250
20,979.50
16:59 16/10/24
FTSE 350
4,595.64
16:59 16/10/24
FTSE All-Share
4,551.77
17:14 16/10/24
Marshalls
347.50p
17:00 16/10/24
The company on Wednesday said group revenue for the third quarter was down 3%, compared with 12% for the half year. Sales over the year to the end of September were down 9%. Marshalls shares were up almost 14% in London trade.
Landscape products revenue fell 17% to £209m on a like for like basis. The contraction rate slowed in the quarter to 13% from the 19% reported at the half year, driven by a moderation in the decline in new house building and private housing repair, maintenance and improvement end markets.
In the building products unit, sales fell 4% to £128m, with the third quarter in line with 2023, while in roofing products revenue grew marginally to £139m from £138m a year ago.
Reporting by Frank Prenesti for Sharecast.com