Marshalls PLC (LSE:MSLH) shares ticked up over 5% on Wednesday after the building materials manufacturer posted revenue of £476 million for the first nine months of the year.
Though this was down 9% against a year earlier, Marshalls said a 3% drop in revenue over the third quarter marked a “material improvement” when compared to the 12% fall in the first half.
Revenue from the group’s roofing products division climbed by 12% over the third quarter, driven by sales of Viridian Solar panels, Marshalls said in a report.
Building products revenue was flat in the meantime, as growth in the drainage and bricks businesses was offset by the mortars and aggregates segments.
Marshalls added revenue contraction in its landscaping products wing also slowed over the third quarter, having fallen by 13% against 19% during the first half.
This was “principally driven by a moderation in the decline in new house building and private housing repair, maintenance and improvement end markets,” the company said.
Marshalls also reported a £41 million reduction in net debt to £149 million as of September, while the group also had a £160 million undrawn revolving credit facility.
Shares climbed 5% to 324.5p on the update.