Marshalls shares surge as sales growth contraction eases in Q3
By Frank Prenesti
Date: Wednesday 16 Oct 2024
(Sharecast News) - 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.
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
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