STOCKHOLM, Sept. 9, 2024 /PRNewswire/ — Marshall Group continued to build on its momentum into the second quarter of 2024 with net sales increasing 15 percent to SEK 1,097.5 million (956.8). Adjusted operating profit increased to SEK 242.1 million (134.5) amounting to an adjusted operating margin of 22.1 percent (14.1%).
Following a historic and successful 2023, Marshall has started 2024 out strong by launching highly acclaimed product updates, engaging with both musicians and music lovers, and delivering solid financial results. Moving through the second quarter of 2024, Marshall continued to build on the strong foundation set since the creation of the Marshall Group last year.
“We emerged from the quarter with continued profitable growth fuelled by our robust and diversified product portfolio, unique storytelling and strategic marketplace management around the world. We’re proud to report another successful quarter that further strengthens our position as the key challenger in our space,” says Jeremy de Maillard, CEO, Marshall Group.
During the quarter, Marshall launched the Major V and Minor IV headphones, reimagining these iconic products with improved features that appeal to both new and loyal customers. Additionally, Marshall presented an all-new digital experience on marshall.com that enhances the connection with musicians and music lovers, offering a unified platform that represents the entire Marshall experience. The launch of the Studio JTM Celestion 100 amp, marking Celestion speakers’ 100th anniversary, is another testament to Marshall’s commitment to honoring the company’s heritage while driving forward with new, limited-edition products.
Driven by the strong demand for Marshall products across regions, and solid performance across all sales channels, including e-commerce, the financial performance during the first half of 2024 has been solid. Net sales increased by 14 percent to MSEK 2,075.6 (1,814.2) and adjusted operating profit increased to MSEK 450.6 (308.9) equivalent to an adjusted operating margin of 21.7 percent (17.0%) a result of a well-executed strategy, a focus on innovation, and an ability to meet the demands of both musicians and music lovers globally.
Pro forma comparison numbers which include Marshall Amplification and its subsidiaries for the month of April 2023, prior to the acquisition, showed 12 percent revenue growth during the second quarter. Looking ahead, Marshall Group is set to continue shaping the future of audio technology by maintaining the growth momentum, delivering value to consumers, and solidifying its position as a leader in the industry.
“We have a strong product roadmap for both existing and new categories for the years to come, a strong business plan to support it and a more dedicated, competent and energized team than ever before,” says Martin Axhamre, CFO & Deputy CEO, Marshall Group.
For more information, please contact:
Frida Calderon, Senior Communications Manager, Marshall Group
[email protected]
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