Yorkshire firm Marshalls sees revenue drop 10 per cent but cuts net debt by £45m

In a trading update, the firm said the figures reflected “the expected continuation of weak demand in the group's key end markets of new build housing and private housing”.

It added that the company’s balance sheet remains “robust”, with pre-IFRS16 net debt down to £175m; £45m lower than the £220m it stood at in April 2023.

However, it has slightly increased on the £173m recorded in December.

The trading update said: “In continuing subdued markets, the board maintained its proactive control of costs and successful reduction of net debt.

“We have restructured the executive team to prioritise our commercial focus and accelerate the implementation of key strategic initiatives.

“The board continues to expect a modest recovery in the second half of the year predicated on a progressive improvement in the macro-economic environment.

"Against this backdrop and given the decisive management actions taken to reduce capacity and the cost base in 2023, the Board remains confident that profit in 2024 will be in-line with its previous expectations and at similar levels to 2023.”

Landscape products revenue was down by 15 per cent on a like-for-like basis at £89m, while building products contracted by three per cent to £54m.

Roofing Products revenue was eight per cent lower at £56m.

Simon Bourne, previously the Group's Chief Operating Officer, has moved into the role of Chief Commercial Officer.