Reshaping for the future
Previous shareholder meetings highlighted the pressing need for action to place Marshall on a sounder footing, evidenced by the scale of the FY24 financial performance reporting losses much higher than anticipated. However, actions taken by the Board have placed the Group on a surer foundation, albeit there is still work to do.Divisions have been closed, assets sold and since the turn of the year smaller, non-core divisions disposed of. The next step is enabling the Group to unlock the value inherent in its primary asset, the Cambridge Airport site. Progress has been made on this front too.
As the FY24 results confirmed, the Group had been in financial distress with banking covenants breached and cash draining out of the business due to mounting losses. The losses have continued into FY25, reflecting varying difficulties within Marshall’s engineering operations. One business, Fleet Solutions, was sold in early April, with plans to sell Land Systems now nearing completion. Redundancies have also been made, further reducing ongoing costs.
The Group’s implied market capitalisation currently stands at £100.4m based on the last traded share price in April 2025. This is materially less than the net present value of the 480 acres of the Cambridge East development seen at £204m, and suggests that the Aerospace division is effectively ‘in for free’.
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