Creating better futures for everyone.

Socially, environmentally and economically.

Our Group operates quarries and manufacturing sites throughout the UK and a manufacturing and trading operation in Belgium. We are committed to quality in everything we do, including environmental and ethical best practice.

Financial Statements

  • 72 Corporate Governance Statement

    • 125 Consolidated Income Statement

    • 126 Consolidated Statement of Comprehensive Income

  • 88 Audit Committee Report

    • 127 Consolidated Balance Sheet

    • 128 Consolidated Cash Flow Statement

  • 101 Annual Remuneration

    • 129 Consolidated Statement of Changes in Equity

  • 105 Fairness, diversity and wider workforce considerations

    • 131 Notes to the Consolidated Financial Statements

    • 166 Company Statement of Changes in Equity

  • 113 Directors' Report - Other Regulatory Information

    • 167 Company Balance Sheet

  • 115 Statement of Directors' Responsibilities

    • 168 Notes to the Company Financial Statements

    • 174 Financial History - Consolidated Group

    • 175 Glossary

    • 177 Shareholder Information

  • We create better spaces by putting people, communities and the environment first

    Strategic Report

    Governance

    • 1 Highlights

  • 70 Board of Directors

    • 2 Our Purpose Roadmap

    • 4 Our Investment Case

    • 8 Marshalls at a Glance

  • 84 Nomination Committee Report

    • 10 Chair's Statement

    • 12 Chief Executive's Statement

  • 92 Remuneration Committee Report

    • 14 Q&A with the Chief Executive

  • 96 At a glance

    • 16 Growth Markets

  • Report

    • 18 Business Model

    • 20 Our Section 172(1) Statement

    • 22 Stakeholder Engagement

    • 30 Strategy

    • 32 Key Performance Indicators

    • 34 Risk Management and Principal Risks

  • 117 Independent Auditor's Report

  • 44 Financial Review

  • 50 What ESG Means to Marshalls

Highlights

Strong growth - positive trading outlook

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Financial highlights

  • • Record sales and adjusted profitability

  • • Full-year revenue of £589.3 million (2020: £469.5 million; 2019: £541.8 million) - up 26% on 2020 and 9% on 2019

  • • Adjusted EBITDA of £107.1 million (2020: £57.6 million; 2019: £103.9 million)

  • • Adjusted profit before tax up 3% against 2019 at £72.1 million (up 221% on 2020)

  • • Profit before tax on a statutory basis was £69.3 million (2020: £4.7 million; 2019: £69.9 million)

  • • Net debt of £41.1 million (2020: £75.6 million). Pre-IFRS 16 net positive cash of £0.1 million

  • • Strong balance sheet, with a flexible capital structure and a clear capital allocation policy

  • • Recovery in adjusted ROCE of 20.6% (2020: 8.2%; 2019: 21.4%)

  • • Proposed final dividend of 9.6 pence giving rise to a total dividend for the year of 14.3 pence

Operational highlights

  • • Strong trading in first two months of 2022 - healthy order books

  • • Continued focus on customer service and satisfying increased demand

  • • Proactive supply chain management to mitigate raw material shortages and cost inflation

  • • Focus on flexibility within manufacturing and logistics and short-term labour availability

  • • Sustained emphasis on growth opportunities arising from ESG leadership

  • • Capital investment of around £35 million planned for 2022 - construction of St Ives on track

  • • Priority given to health and safety

Revenue (£'m)

Adjusted operating profit (£'m)

£589.3m

£76.2m

(up 9% against 2019)

(up 3% against 2019)

2020 27.2

2021 76.2

Adjusted EBITDA (£'m)

Profit before tax (£'m)

Basic EPS (p)

£107.1m

£72.1m

28.6p

(up 3% against 2019)

(before adjusting items)

(before adjusting items)

(up 3% against 2019)

£69.3m

27.5p

(on a reported basis)

(on a reported basis)

Return on capital employed (%),

Full year dividend

before adjusting items

recommended (p)

20.6%

14.3p

(2020: 8.2%)

(2x cover)

Notes

107.1

2020 57.6

2021

  • 1 Alternative performance measures are used consistently throughout this Annual Report. These relate to EBITA, EBITDA, return on capital employed ("ROCE"), net debt and results before adjusting items. Following the transition to IFRS 16, reference has been made to "pre-IFRS 16", "pre-IFRS 16 net debt" and "reported basis", the latter referring to amounts required under IFRS 16. For further details of their purpose, definition and reconciliation to the equivalent statutory measures, see Note 4.

  • 2 In order to provide a more relevant performance commentary, comparison in this Annual Report has been made to the corresponding period for both 2020 and 2019, the latter considered to represent a more meaningful pre-COVID-19 baseline for performance comparison.

  • 3 The results for the year ended 31 December 2021 have been disclosed before adjusting items. These are set out in Note 4.

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Our purpose is to create better spaces and futures for everyone: socially, environmentally and economically

Read more about our purpose on page 3

Our mission is to deliver sustainable growth through a brand that drives customer specification of innovative product solutions for the built environment

Read more about our mission on pages 4 to 6

Our strategic goal is to become the UK's leading manufacturer of products for the built environment

Read more about our strategic goal on pages 30 and 31

Marshalls plc | Strategic Report

The Marshalls Way

Do the right things

  • • We have high standards

  • • We deliver market leading quality to our customers

  • • We strive to meet the needs and expectations of our customers

  • • We are continually developing the business and our people

  • For the right reasons

  • • We consider the long-term impact of every decision we make

  • • We are guided by strong principles

  • • We operate in the most ethical and sustainable way

  • • We take responsibility for every action

  • In the right way

  • • We set clear expectations

  • • We anticipate and embrace change

  • • We put people, communities and the environment first

  • • We work as a team to proactively propose solutions

Read more about The Marshalls Way on page 22

Strategic Report

Our purpose in action

St Ives dual block plant investment

Read more on page 28

Investment in new vehicles

Read more on page 29

Sustainable new product development -

The Marshalls Concrete Cycle Segregation Unit Read more on page 15

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Disclaimer

Marshalls plc published this content on 03 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 April 2022 22:47:03 UTC.