Another strong quarter of growth for Marshall Group
Marshall Group continued to deliver profitable growth in the third quarter of 2023 with net sales increasing 31 percent compared to the same period last year. Consolidated net sales amounted to MSEK 974.4 (744.3) in the quarter and adjusted operating profit increased to MSEK 236.6 (77.8), equivalent to an adjusted operating margin of 24.3 percent (10.3%).
Q3 2023 marks 11 consecutive quarters of sustained growth for Marshall Group with the company reshaping its business model to counteract the historical seasonality of the industry and drive the premium positioning of the Marshall brand. Both sales and profits are now more evenly spread across quarters, driving profitability throughout the year.
The ambition to continue to deliver double-digit profitable growth year-on-year is supported by a clearly defined strategy that the team has been hard at work fine tuning since the creation of the Marshall Group.
“We have one of the most authentic, iconic, globally known brands with a unique positioning and strong values. We have a premium, innovative product portfolio, and a strong product pipeline for both current and future categories. All under one roof with a best-in-class team of talented and passionate people. The perfect conditions to grow our market share in a 100 billion USD addressable market on a global level”, says Jeremy de Maillard, CEO, Marshall Group.
During the quarter Marshall launched the Studio JTM amplifier and the Motif II A.N.C. 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. The Motif II A.N.C. is an update to the noise cancelling true wireless headphone that has been very well received by experts and consumers alike.
Consolidated net sales during the period January to September increased by 38 percent to MSEK 2,788.6 (2,023.4). Adjusted operating profit increased to MSEK 545.5 (193.7) equivalent to an adjusted operating margin of 19.6 percent (9.6%).
As of September 30th, the Marshall Group pro forma numbers for the last twelve months showed 23 percent revenue growth year on year, reaching over 4 billion SEK in revenue and about MSEK 800 in profitability (after adjustments for extraordinary items).
“Over the last couple of years, we’ve reshaped our business model to counteract the historical seasonality and to drive our premium positioning. Sales and profits are now more evenly spread across quarters, driving profitability throughout the year, and generating a strong financial position for us to continue investing into the future”, says Martin Axhamre, CFO & Deputy CEO, Marshall Group.