Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTMarketBeatMon, August 10, 2026 at 1:01 PM GMT+2 5 min readMarshalls (LON:MSLH) reported broadly flat first-half revenue of £380 million as weak activity in new housing and private housing repair, maintenance and improvement markets continued to weigh on volumes. However, operating profit rose 8% to £30.7 million, supported by improved profitability in its Landscaping Products segment.Chief Financial Officer Justin Lockwood said profit before tax increased 13% to £24.9 million, helped by lower finance costs, while earnings per share rose 14% to £0.076. The company increased its interim dividend by 14%, in line with its policy of maintaining two-times adjusted earnings cover.→ No Hangover: Revisiting Microsoft One Week After EarningsPre-IFRS 16 net debt fell by about £15 million from a year earlier to £137 million at the end of the half, with leverage declining to 1.7 times EBITDA. Lockwood said cash conversion was 98%, while the company maintained a targeted approach to capital spending.Landscaping Products revenue was steady despite lower volumes, as pricing actions offset weaker demand. Lockwood said volumes declined between 2% and 3%, with product mix weakening by about 1%, while pricing accounted for the balance of the segment's flat revenue performance.→ MarketBeat Week in Review – 08/03 - 08/07Operating profit in Landscaping increased by £5.2 million, driven by improved gross margins, lower manufacturing costs and reduced overheads under the division's improvement plan. The company said it remains on track to deliver £11 million of annualized cost savings by the end of 2026, with the full amount expected to be delivered this year.Management said customer engagement and service performance improved, with Landscaping net promoter scores up 11 percentage points since 2025. The business reported a 2.6-percentage-point increase in market share, reflecting a recovery of previously lost share and additional gains across merchant and direct-to-site channels.→ IonQ Sparks a Quantum Grid RevolutionThe company also highlighted operational measures including a 19% reduction in intra-site journeys and a 30% reduction in stock-keeping units since 2025. Project quotation activity increased 15%, supported by digital design and engineering tools introduced in June and new product launches.Lockwood said the company introduced oil-price-related surcharges in most businesses in May and in one unit in June. The first-half net direct cost impact from the Iran conflict was about £1 million, he said, adding that Marshalls had no current plans to increase surcharges further.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info