Marshalls plc, the Elland, West Yorkshire-based stone and landscaping firm, has reported adjusted profit before tax of £90.4 million for 2022, an increase of 23% on 2021.

Group revenue for the year was £719.4 million, 22% higher than 2021 “including the benefit of Marley’s revenues following the acquisition.”

On a like-for-like basis, group revenue increased by 1%, with revenue growth in Marshalls Building Products and Marley being largely offset by a contraction in Marshalls Landscape Products.

Full year dividend will be 15.6p, an increase of 9%.

Marshalls CEO Martyn Coffey said: “Marshalls reported a record financial performance in 2022 against challenging market conditions. 

“This performance demonstrates the benefit of the group’s deliberate diversification strategy, illustrated by the acquisition of Marley in 2022 and other acquisitions in recent years that now form the core of our Building Products segment.

“We took decisive action to reduce our capacity and cost base in 2022 in response to a contraction of demand in our Landscape Products business, and we will continue to focus on maintaining flexibility to respond to evolving market conditions and executing self-help initiatives as required.

“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.”