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(Alliance News) - Michelmersh Brick Holdings PLC on Tuesday did not declare a dividend amid Covid-19 uncertainty, despite double-digit revenue growth in 2019.
The clay bricks, tiles and pavers manufacturer reported pretax profit growth to GBP10.4 million for 2019 from GBP6.4 million a year ago, as revenue increased by 15% to GBP53.5 million from GBP46.3 million.
Michelmersh said strong, efficient distributor support and key supply chain relationships played a significant part in delivering the successes of 2019.
The company said it has decided to suspend dividends pending the resolution of the economic backdrop created by the coronavirus. It paid a 3.2 pence a share dividend for 2018.
"Following a record year and strong first quarter, the group is in a sound financial position with significant cash reserves and assets," said Chair Martin Warner.
"Michelmersh has always emerged stronger through difficulties and I see no reason why this should not be the case now with our committed and able workforce, positive financial position and unique position in the market place," added Warner.
AIM-listed Michelmersh shares were trading 11% higher in London on Tuesday at 95.70p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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