Marshalls

Weighed down by weaker private-housing RMI

  • Sectors : Building products
  • Companies : Marshalls

Ratings and price correct at time of issue.

  • Marshalls

    Closing Price: 302p

  • RATING 10/11/21

  • PREVIOUS RATING N/A

DAVY VIEW

While conditions remain difficult in Marshalls’ Landscape Products division, driven by weaker private-housing RMI, and the resulting downgrade (c.8% to £91m PBT for 2022) is clearly disappointing, we are encouraged to see the company respond with a right-sizing of manufacturing output. This will reduce costs (c.£10m from 2023) and, importantly, will likely accelerate the synergy potential from network consolidation post-Marley acquisition.

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Oct 7 2022, 08:55 IST/BST

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