Press release

Marshall maintains strong momentum in successful Q1

Marshall Group continued its strong revenue and profit growth journey into the first quarter of 2024 with net sales increasing 14 percent to SEK 978.0 million (857.4). Adjusted operating profit increased to SEK 208.5 million (174.4), amounting to an adjusted operating margin of 21.3 percent (20.3%).

Building on a historic and successful 2023, Marshall Group is off to a great start in 2024 by introducing well-received product updates, showing up for both musicians and music lovers and delivering strong financial results.

“Despite the macro-economic uncertainties influencing consumer spending and the geo-political tension causing turbulences across the supply-chain, we managed to deliver our best first quarter to date on top of an extremely strong comparable quarter in 2023. Demand for Marshall products continues to be strong, and we have an exceptional product portfolio and roadmap to lean into”, says Jeremy de Maillard, CEO, Marshall Group.

During the first quarter of 2024 Marshall launched its first collaboration with global lifestyle brand Patta, a limited edition Emberton speaker that draws inspiration from Caribbean sound system culture. Marshall also introduced the Marshall Funhouse at the SXSW festival in Austin, Texas. A combination of open-space carnival and music venue with live DJ’s, multiple games, local vendors, saw more than 16,000 visitors over three days and hosted more than 40 live music shows, such as King Nun, Dream Nails, Noah and the Loners, Kid Bookie, Dinosaur Jr. and The Black Angels.

Earlier this year Marshall implemented a new distribution model for amplification products in the EU and US markets opting for a direct to retail model. This strategic distribution shift impacted amp sales during the quarter as we transitioned to the new model and laid the foundation for healthy long-term growth    of the category, bringing Marshall closer to its retailers and providing guitarists with better access to Marshall products around the world.

Pro forma numbers for the quarter, which include Marshall Amplification and its subsidiaries for the first quarter of 2023, showed 6 percent revenue growth compared to last year and an adjusted operating margin of 21.1 percent.

“We are investing in the long-term success of the business through a range of key initiatives while making sure we continue to deliver on our near-term financial ambition. The team is doing a fantastic job balancing these perspectives, taking challenges head on while remaining focused on unlocking the long-term potential of the business”, says Martin Axhamre, CFO & Deputy CEO, Marshall Group.

Marshall also launched an all-new digital experience on, offering one consistent brand experience for all things Marshall, connecting musicians and music lovers with Marshall’s full product range.

In April, Marshall launched Major V and Minor IV, two icons from the Marshall headphones portfolio reinvented with tons of new and improved features.