Marshalls (MSLH) Trading Update summary

Executive summary

• Group revenue for the ten months ended 31 October 2025 was £548 million, up 2% year-over-year, reflecting resilience amid challenging market conditions.

• Full year 2025 profit expectations remain unchanged, with adjusted profit before tax guidance of £42–46 million.

• Strategic initiatives, including the 'Transform & Grow' strategy and performance improvement plans, are progressing as planned.

Financial highlights

• Group revenue increased by 2% to £548 million compared to £535 million in the prior year period.

• Pre-IFRS16 net debt stood at £155 million at the end of October 2025, up from £146 million in October 2024.

Outlook and guidance

• Full year 2025 adjusted profit before tax is expected to be in the range of £42–46 million.

• The business is positioned to benefit from a market recovery and medium-term structural growth drivers.