The firm will reveal full details of its new approach in November with markets for concrete bricks, solar panels and civils and drainage products expected to grow sharply.

Chief executive Matt Pullen said: “We are undertaking a review of the Group’s strategy and have identified a number of opportunities to deliver outperformance over the medium term. 

“These include attractive sustainability-driven markets across bricks and masonry, water management and energy transition alongside a cyclical recovery in our core landscape and roofing businesses, supported by the new Government’s commitment to increase house building significantly. 

“We will provide more information on our new five-year strategy at a capital markets event on 19 November 2024.”

He added: “Housebuilders are increasingly keen to use concrete bricks, particularly in affordable housing, and are becoming more comfortable with the aesthetics as an alternative to clay. In addition, there is a wide variation in regional adoption of the product which indicates significant potential for future growth.”

Latest results for Marshalls for the six months to June 30 2024 showed a rise in pre-tax profit to £21.5m from £16.7m as turnover dipped to £307m from £354m.