LONDON (Alliance News) - Michelmarsh Brick Holdings PLC Monday said it is expecting strong trading and high demand for its premium products this year and to exceed market expectations for 2014, as recovery in the construction industry picks up following the long UK economic downturn.
The company said the industry achieved a "long overdue" average price increase of 13% for the first quarter 2014, as building materials generally, and bricks in particular, remains in very short supply. Michelmersh said it maintained its market premium and matched that percentage increase for the first quarter.
The specialist brick, land development and landfill company, which held its annual general meeting Wednesday morning, said it expects these trends in demand to continue into the peak summer trading season.
The firm also said its GBP2.3 million investment project to increase capacity at Freshfield Lane by six million bricks a year is well progressed and is on schedule to start contributing to volumes in early 2015
Michelmersh shares were trading up 5.0% at 71.40 pence Wednesday morning.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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Michelmersh Brick Holdings (MBH)