Marshalls PLC said on Wednesday profit fell in 2022, despite growth in annual revenue.

The natural stone and concrete manufacturer, based in West Yorkshire, England, said its 2022 pretax profit plunged by 46% to £37.2 million from £69.3 million the previous year. Marshalls said revenue amounted to £719.4 million, up 22% from £589.3 million.

Revenue growth is attributed to the ‘transformational’ acquisition of Marley Group PLC in April, which diversified and boosted trading, the company said. Marley specialises in the manufacturing of pitched roof systems for the construction market.

Marshalls proposed a final dividend of 9.9 pence, up 3.1% from 9.6p, bringing the total dividend to 15.6p, up 9.1% from 14.3p the year prior.

Looking ahead, Marshalls said it is ‘well placed to deliver profitable long term growth’ and will continue to focus on strategic initiatives.

The company also said it expects 2023 results to be in line with company expectations, despite macroeconomic challenges.

Chief Executive Martyn Coffey said: ‘Our strategy is underpinned by our strong market positions, established brands and focused investment plans to drive ongoing operational improvement. Notwithstanding short-term challenges, the Board remains confident that the group is well-placed to deliver profitable long-term growth when market conditions improve and continues to focus on its key strategic initiatives.’

Shares in the company traded 2.0% lower at 293.36 pence each in London on Wednesday morning.

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