Shares in landscaping product manufacturer Marshalls slid more than 11 per cent on Wednesday as the company warned of a more uncertain trading environment.
The London-listed firm highlighted a recent report from trade body Construction Products Association, which predicted a ‘modest reduction’ in UK market volumes over 2022 and 2023 compared to its previous winter forecast.
The CPA now expects an increase of 2.8 per cent in 2022 and 2.2 per cent in 2023.
Shares in landscaping product manufacturer Marshalls slid more than 11 per cent as the company warned of a more uncertain trading environment
Marshalls shares were down 9.93% at 530.50 pence at in the run-up to midday trading.
Despite, the uncertain outlook, the West Yorkshire-based company reported that group revenues were up 7 per cent for the four months to the end of April at £201million against the same period last year.
It said that this lift was supported by the successful implementation of price hikes at the start of 2022.
Sales were particularly strong in sectors including drainage, brings and masonry.
Marshalls says the boom in the new build housing market has ‘underpinned’ the demand for concrete bricks.
Looking ahead, the group says it will continue to focus on these areas of the market, along with road, rail and water management projects, where ‘higher levels of growth are expected’.
The 142-year-old company, which acquired Marley Group PLC in April, is the UK’s leading manufacturer of natural stone and concrete hard landscaping products.
It operates its own quarries and manufacturing sites throughout the UK, with operations in Belgium and sales outpots in other international markets.
Following the acquisition of Marley, the group notes that is now also ‘a leader in the manufacture and supply of pitched roofing systems, including clay and concrete tiles, timber battens, roof integrated solar solutions and roofing accessories’.
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