Marshalls cuts 250 jobs as property market weakness slows demand
- Adjusted profit before tax down by 26% to £33.2m in Q1
- The group’s adjusted EBITDA down by 8% to £58.8m over the same time period
Marshalls has made substantial job cuts, reducing its workforce by around 250, as the company’s profits are impacted by a slowdown in the property market. The supplier of building materials saw its adjusted profit before tax decline by 26% to £33.2 million in the first six months of the year. CEO Martyn Coffey attributed the job cuts to challenging market conditions and a significant reduction in demand across all of its reporting segments.
CEO Martyn Coffey said the job cuts were necessary after ‘challenging’ market conditions ‘led to a material reduction in volumes across all three of our reporting segments’
Marshalls shares were down by 1.16% to 255p in morning trading on Wednesday. Rivals Travis Perkins and SIG have also been affected by the slowdown in the construction industry due to rising interest rates and their impact on mortgage rates.
Travis Perkins recently reported a 31% decrease in operating profits for the first half of the year and expects adjusted operating profits for the full year to be around £240 million, compared to
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