Marshalls Chief Executive Departs After Steep Share Decline and Profit Warning

Matt Pullen has stepped down as chief executive of Marshalls, the FTSE 250-listed building materials manufacturer, following a period of significant financial pressure. The decision comes after a steep decline in profits at the group’s largest division and a sharp fall in the company’s share price, which has dropped nearly 40 percent this year.

The board has appointed Simon Bourne, chief commercial officer, as interim chief executive with immediate effect. Marshalls, headquartered in Elland, West Yorkshire, is known for supplying natural stone and concrete products for construction, landscaping, and home improvement initiatives. The firm also delivers roofing products and boasts a leading position in the in-roof solar installation market via its Viridian division.

Earlier this year, Marshalls reduced its profit outlook in response to weakened consumer spending in the home improvement market. Earnings are now expected to be between £42 million and £46 million, considerably below the £52.2 million reported for 2024. Operating profits at the company’s landscaping products business fell dramatically to £300,000 from £8.3 million for the corresponding period last year, hit by price reductions attributed to structural oversupply in the UK.

Chair Vanda Murray expressed appreciation for Pullen’s leadership and noted the successful introduction of the firm’s ‘transform and grow’ strategy. She emphasised the need to refocus and accelerate strategic execution to capitalise on growth opportunities and ensure the business remains competitive.

Marshalls’ recent trading update revealed group revenue rose to £548 million for the ten months ending 31 October, compared to £535 million for the same timeframe in 2024. Building products revenue increased by 5 percent to £150 million, and roofing products achieved a similar percentage gain, reaching £166 million.

Despite enduring challenging market conditions, analysts have described Marshalls’ performance as credible. Cost savings are expected to bolster profitability from 2026; a recent funding agreement has reinforced the group’s financial standing with a new four-year, £270 million syndicated lending facility.