Marshalls Share Discussion Threads

[ariane] 15/4/2024 13:58

10 April 2024



Marshalls plc

(the "Company")



Annual Report 2023 and Notice of 2024 Annual General Meeting



Annual Report and 2024 AGM



The Company has published its full Annual Report for the year ended 31 December 2023 and Notice of 2024 AGM which is to be held at 11.00am on Wednesday 15 May 2024 at the offices of Walker Morris LLP, 33 Wellington Street, Leeds, West Yorkshire, Leeds, LS1 4DL.



Copies of the documents listed below have been posted to shareholders:



1. Annual Report 2023

2. Notice convening the 2024 AGM

3. Form of Proxy for the 2024 AGM



In compliance with Listing Rule 9.6.1 of the UK Financial Conduct Authority (FCA), a copy of each of the above documents has been submitted to the FCA's Electronic Submission System and will be available from the National Storage Mechanism at hxxps://data.fca.org.uk/#/nsm/nationalstoragemechanism



In compliance with DTR 6.3.5(3), these documents are also accessible via the Company's website at www.marshalls.co.uk.







Enquiries:



Shiv Sibal, General Counsel & Company Secretary


Marshalls plc


[phone]

[lozzer69] 21/3/2024 09:23

Shares have bounced back up 7percent in last 2 days. Not sure the reason but nice to see as a long term holder of the shares.

[ygor705] 19/3/2024 09:19

Very disappointing results and I'm wondering if the HS2 situation has screwed them. Slashing the divi to 8.4p reduces the yield to around 3.1% by my calculations and with a 'hard times' forecast I can't see what is going to support the share price unless a predator steps up to the plate.

[lauders] 07/2/2024 08:11

Been a very nice recovery from the lows. Long may it continue. If the tone is more bullish on 18th March then no reason to see it stall.

[sarkasm] 18/1/2024 15:42

18 January 2024

Marshalls plc

('Marshalls' or 'Group')

Full year trading update and notice of results

The Group's performance in the period since the trading update on 18 October 2023 has been as anticipated and the Board expects adjusted profit before tax for the full year to be in-line with its expectations.

Trading performance

Group revenue for the year ended 31 December 2023 was GBP671 million (2021: GBP719 million), which represents a year-on-year reduction of seven per cent including the benefit of an additional four months of trading from Marley. On a like-for-like basis, Group revenue contracted by 13 per cent. This performance reflects lower demand from house builders and continued subdued activity in private housing RMI.

Marshalls Landscape Products' revenue was GBP321 million (2022: GBP394 million), which represents a reduction of 18 per cent. On a like-for-like basis, after adjusting for the disposal of Marshalls NV in April 2023, revenues contracted by 16 per cent. Marshalls Building Products' revenue was GBP170 million (2022: GBP193 million), a reduction of 12 per cent. Marley Roofing Products' revenue was GBP180 million (May to December 2022: GBP132 million), which represents a reduction of nine per cent on a like-for-like basis.

Management actions

During the year, management took decisive actions to improve agility and right-size the business through reducing capacity and costs. This included the closure or mothballing of factories, a reduction in shifts and capacity in other facilities, and a reorganisation of commercial and support functions. These actions are expected to deliver net annualised savings of around GBP11 million, which is GBP2 million higher than previous estimates. In addition, management reviewed and reprioritised capital expenditure plans, executed a programme of surplus land disposals that generated around GBP7 million, and focused on efficient working capital and cash management to reduce the Group's net debt.

Importantly, management balanced the need to reduce capacity and the cost base in the short-term while retaining the flexibility to increase production when demand recovers. The Group has significant latent capacity across all its businesses to satisfy materially higher demand than current levels.

Balance sheet and liquidity

The Group's balance sheet remains robust, with good progress made to reduce leverage, and the Group ended the year with pre-IFRS16 net debt of GBP173 million (December 2022: GBP191 million, September 2023: GBP190 million). The strong cash generation during the year facilitated a GBP30 million reduction of the Group's term loan to GBP180 million in early January 2024, ensuring efficient management of borrowings and finance costs. The Group's revolving credit facility of GBP160 million was undrawn at the year-end, which, together with the reduced term loan, provides the Group with significant liquidity to fund its strategic and operational plans going forward.

Outlook

Execution of the Group's strategy is underpinned by our strong market positions, established brands and focused investment plans to drive ongoing operational improvement. Notwithstanding the anticipated short-term challenges, the Board remains confident that the long-term market growth drivers and a focus on executing key strategic initiatives, will underpin a material improvement in profitability when markets recover. The Board is encouraged recently by the more positive inflation trends and the consequent impact on interest rate expectations, which should support progressive improvements in the Group's end markets during 2024.

Notice of results

The Group will announce its results for the year ended 31 December 2023 on 18 March 2024, at which time it will provide further guidance on the year ahead.

[bigbertie1] 31/12/2023 10:39

Breedon gains may precede MSLH gains, as a lot of their products can go into infrastructure and site preparation by builders.

[the grumpy old men] 14/12/2023 11:29

Cboe Europe 06:25:34 2023-12-14 am EST

Marshalls plc




268.4 GBX +7.53%

[creditcrunchies] 14/12/2023 11:25

This is firing on all cylinders now

[swiss paul] 22/11/2023 18:51

BREE had a nice set TS:
Outlook for full year 2023 ahead of expectations

Breedon Group plc (Breedon or the Group), a leading vertically-integrated construction materials group in Great Britain and Ireland, provides the following trading update for the ten months to 31 October 2023.

Trading performance
The Group has delivered a strong performance to October 2023, enabled by the resilient vertically-integrated business model and first class team. Robust pricing and operational excellence more than offset the effect of moderating volumes.

When compared to the same period in 2022, revenue for the first ten months increased 8% and revenue for the four months to 31 October increased 4%. On a like-for-like1 basis revenue grew 5% in the first ten months, or 1% for the four months to 31 October.

As expected, changes to building regulations in the UK that took effect in June impacted ready-mixed concrete volumes. Aggregate and asphalt volumes have continued to moderate. However, pricing has been sustained and we have maintained tight control over our cost base.

We continue to generate good free cash flow and are on track to deliver a further reduction in covenant leverage at the year end, providing financial flexibility to continue to invest for growth.

Highlights
· The GB business remained focused on self-help actions to mitigate the impact of a softening market, delivering the operational excellence programme implemented in the first half. Surfacing completed a number of aviation projects and we continued to be well represented on National Highways work.

· In Ireland, market dynamics were unchanged with tendering in the Republic of Ireland underpinned by long-term structural growth drivers and healthy budgets while the pipeline in Northern Ireland was impacted by the ongoing lack of a governing assembly. The integration of Robinson Quarry Masters, which completed in the first half, continues to progress according to plan.

· The Cement business maintained a robust performance in GB and Ireland. The Hope plant completed its second scheduled kiln shutdown on time and on budget. The Kinnegad Cement plant maintained its world leading performance with alternative fuel substitution in excess of 80%.

· We continue to make progress in respect of our sustainability priorities; our Breedon Balance range of products is gaining traction and we continued to reduce the clinker content of our cement. The results of our 2023 colleague engagement survey showed pleasing increases in both participation and engagement.

· Following the move to the Main Market in the first half, we were pleased to enter the FTSE 250 index during September.

Outlook
The Group has delivered a strong performance in the year to date, as a result of which we now expect to achieve full year 2023 underlying EBIT ahead of market consensus2.
In the UK, the latest CPA Autumn report forecast continues to show a soft construction outlook driven by low levels of housing activity. In the Republic of Ireland, the large budget surplus and falling debt burden enabled further commitments to infrastructure spending and housebuilding in Budget 2024.
Due to the macroeconomic landscape, visibility in the construction materials sector remains limited in the short-term, particularly in GB, offset by long-term structural growth drivers in infrastructure and housebuilding. Consequently, the Group continues to focus on self-help, executing operational and commercial excellence programmes while pursuing opportunities in our healthy M&A pipeline.

Rob Wood, Chief Executive Officer, commented:
"Notwithstanding the market backdrop, the Breedon team continues to deliver and we are delighted to report a trading performance ahead of expectations. Against the uncertain political and economic backdrop, our teams have adapted well to deliver a compelling performance, whatever the prevailing market conditions.

"Our strategic focus on ensuring Breedon is a great place to work, taking care of our people and the communities around our sites, has once again been reflected in both our financial performance as well as our colleague engagement, of which I am particularly proud. But we never settle - we will continue to seek ways to operate as efficiently and sustainably as possible, invest in our people and grow our business so we are positioned to succeed when the construction materials market returns to growth."

Apols to all for x posting

[essentialinvestor] 20/11/2023 16:10

Paul, I closed out my small BREE trade last week, along with FSTA, the later being a pre results buy.

I have an indirect holding in MSLH through smaller company IT's.

[swiss paul] 20/11/2023 15:47

EI - keep away from BRE - serial dissapointment - tho BOD seem to pay themselves very very well

[creditcrunchies] 15/11/2023 17:51

This move seems to have legs from the lows

[johndoe23] 26/10/2023 09:41

How on earth is this not dropping?

[essentialinvestor] 18/10/2023 12:32

mrf, you may have got a little carried away yesterday with..the equity is toast..
comment.

Yes trading may deteriorate further and 2024 will be a very tough year.

Thinking I might just buy a few Breedon and leave this on the back burner.

[my retirement fund] 18/10/2023 11:57

Yes, that is true. Do you think they can manage and refinance their 195M debt whilst shrinking the much enlarged business for the protracted down turn?

[wskill] 18/10/2023 10:49

Buying today looks like a decent price in comparison .

[wskill] 18/10/2023 10:49

Not so bad as they paid seller 24 million shares at £6.80 and raised another £187 m at £6.50 so another £200m or so borrowed .

[my retirement fund] 18/10/2023 10:40

The contribution from Marley is staggering. it's hard to put into context since they paid over half a billion for it. Insane!They seem to suggest they can manage cash flow without further funding, but given the level of corporate stupidity, would you trust them?

[essentialinvestor] 18/10/2023 08:04

No further guidance reduction.

[essentialinvestor] 17/10/2023 22:38

Surprised if FY guidance is not cut (perhaps significantly) particularly given the recent Travis Perkins
and FORT update.

[la forge] 17/10/2023 17:09

Ex-div date 19 Oct 2023 (Thu)



divi Pay date 01 Dec 2023 (Fri)

[essentialinvestor] 17/10/2023 14:51

Update is tomorrow, will have a look in the morning.

[wskill] 17/10/2023 14:38

Wonder when us plebs will be told about the rights issue the institutions seem aware of it by their actions price must be around £1 at a guess with the constant selling by them.

[essentialinvestor] 17/10/2023 13:31

Well as mentioned a couple of weeks back it's arguably a key point to valuation.