Marshall continues to deliver profitable growth in Q2
Marshall Group continued its strong revenue and profit growth journey into the second quarter of 2023 with net sales increasing 32 percent compared to the same period last year. Consolidated net sales amounted to MSEK 956.8 in the quarter and adjusted operating profit increased to MSEK 134.5 (45.3), equivalent to an adjusted operating margin of 14.1 percent, up from 6.3 percent last year.
The second quarter of 2023 represents the first quarter with the company reporting consolidated sales after the acquisition of Marshall Amplification earlier this year, with the amps business in the books from the month of May and onwards.
“We entered the second quarter of 2023 as Zound Industries and came out of the quarter as the Marshall Group, showing our strongest first six months in the history of the business. We are now fully focused on unlocking the potential of the Marshall brand by speeding up innovation and creating the best products for both musicians and music lovers”, says Jeremy de Maillard, CEO, Marshall Group.
Consolidated net sales during the period January to June amounted to MSEK 1,814.2 (1,279.1), equivalent to an increase of 42 percent. Adjusted operating profit increased to MSEK 308.9 (115.9) equivalent to an adjusted operating margin of 17.0 percent (13.8%).
As of June 30th, the Marshall Group pro forma numbers for the last twelve months showed 24 percent revenue growth year on year, adding up to about 4 billion SEK in revenues and around MSEK 700 in operating profit (after adjustment for extraordinary items).
“We have a strong financial position that enables us to both manage the integration of the two businesses in the best possible way and also continue to invest for long term growth”, says Martin Axhamre, CFO & Deputy CEO, Marshall Group
The first product launch as the new group came already on July 28 with the release of the Studio JTM amplifier. Launching to honour Jim Marshall on what would have been his 100th birthday, the Studio JTM is an homage to the amp that started it all.
This was the second product launch for Marshall in 2023, with the Marshall Middleton portable speaker coming out in February to rave reviews. The product was recently awarded a honourable mention in Fast Company’s 2023 Innovation by Design Awards and on 29 August, Marshall unveiled the Motif II A.N.C. the latest addition to their true wireless line-up.