Marshalls reports a 41% profit decline in 2023 due to a struggling construction industry.

Building materials firm Marshalls reports a 41% decline in profits for 2023, citing a struggling construction industry as the reason. The company anticipates a slower-than-expected recovery in the first half of 2024, due to reduced development projects by developers. In response, Marshalls closed and mothballed factories, reduced shifts, and cut 330 jobs to save £11 million annually. The firm's CEO, Matt Pullen, revealed that sales in the first two months of 2023 were lower than the same period in 2022, and predicts overall yearly sales will be "lower than expected." Profits for the year are expected to remain stable.

March 18, 2024
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