Marshalls warned that it does not expect the landscaping market to pick up throughout the rest of the year, sending shares tumbling.
The building products group said profits have been hit by a necessity to slash prices to maintain market share.
Sales in its key landscaping products division fell 1 per cent to £135m over the six months to June 30, as margins were squeezed by price pressures.
Price pressures: Sales in the key landscaping products division fell 1 per cent to £135m over the six months to June 30
It slashed its profit forecast to between £42m and £46m – below the £55m the market had been expecting.
Shares hit their lowest intraday level since October 2023, falling as much as 23 per cent. They closed at 209.5p.
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