Hard landscaping giant Marshalls saw profits fall last year although revenue grew as a result of eight months contribution from the purchase of roofing product manufacturer the Marley Group.

Figures in Marshalls’ annual report show the natural stone and concrete manufacturer based in West Yorkshire saw profit fall 46% in 2022 to £37.2million from £69.3million in 2021. Revenue was £719.4million, up 22%.

Marshalls described the purchase of the Marley Group as ‘transformational’, diversifying and boosting trade.

Marshalls proposed a final dividend of 9.9p, bringing the total dividend for the year to 15.6p, up 9.1% on a year earlier. However, the share price fell 2% to 293p but was back at 301p on 16 March.

Marshalls says it is well placed to deliver profitable long term growth in spite of anticipated challenges in the UK economy in 2023.

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."