(Alliance News) - Brick manufacturer Michelmersh Brick Holdings PLC on Wednesday said its 2019 earnings, which were boosted by a recent acquisition, will be in line with expectations.
Underlying revenue and profit for the year to December 31 will meet market expectations and, following a "strong cash performance" in the second half in particular, the company's net debt levels will be "better than market expectations".
In February 2019, the Sussex-based company acquired Belgian clay brick manufacturer Floren & Cie for up to EUR9.9 million, expanding its foothold in Europe and enhancing its full-year earnings.
Michelmersh shares were 2.0% lower at 126.00 pence each in London on Wednesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Michelmersh Brick Holdings (MBH)