Last checked at 21 May 2009 07:00
21 May 2009
Michelmersh Brick Holdings plc
("Michelmersh" or "the Group")
AGM Statement
Michelmersh Brick Holdings plc (AIM: MBH) the landfill and land development company and the UK's largest producer of handmade specification bricks and clay paviors, announces that at its Annual General Meeting to be held later today, Eric Gadsden, chairman of Michelmersh, will make the following statement:
"I am pleased to report that we continue to make good progress across each of our activities. Sales from our clay products manufacturing subsidiaries are in line with budget and we continue to manage carefully our production output and to maintain stock at optimal levels, which is particularly crucial in the current difficult market. In contrast to many of our competitors we continue to produce bricks at each of our four sites in response to sustained customer demand.
"The detailed planning application for residential consent on 16 acres of our 100 acre site at Telford, in partnership with Persimmon Homes, continues to progress satisfactorily, albeit over a longer timescale than originally anticipated. We anticipate that the application will be submitted within the next two months.
"We have now completed the refinancing of bank debt and renegotiated bank covenants for the next twenty four months at competitive interest rates.
"A number of competitor companies operating across our sectors of activity have indicated that they have, or will, reduce or withdraw from our markets. We have identified a number of opportunities, arising directly from the current challenging market conditions, which would complement our existing business".
For further information:
| Martin Warner, Michelmersh Brick Holdings plc: | 01442 870 227 |
| Russell Cook, Charles Stanley Securities: | 020 7149 6000 |
| Jeremy Carey/Gemma Bradley, Tavistock Communications: | 020 7920 3150 |