Marshalls PLC (LSE:MSLH) said housing repair and maintenance markets remain subdued as it posted lower underlying profits and sales in the first six months of 2024.
Revenues dropped more than 13% to £306 million, with adjusted profits down by 20% at £26.6 million led by a near halving in the landscape arm.
Landscape products such as garden and drive paving also remain a challenging market, though cost savings and restructuring already undertaken meant the impact was mitigated, chief executive Matt Pullen added.
Net debt was reduced by £28.8 million to £155.8 million.
Marshalls added it remains cautiously optimistic about a modest recovery in its end markets during the second half of the year if the macroeconomic environment improves.
The interim dividend was unchanged at 2.6p.
Shares fell 3.8% to 327p on Monday.