Last checked at 16 May 2024 07:00
16 May 2024
Michelmersh Brick Holdings Plc
("MBH", the "Company" or the "Group")
AGM Statement
In line with market expectations
Michelmersh Brick Holdings PLC (AIM: MBH), the specialist brick manufacturer, announces that at its Annual General Meeting (AGM) which is to be held at 11.00 am today, Tony Morris, Chair Designate, will reference the following statement:
"Since reporting our full-year 2023 results in March, we have continued to experience positive momentum in our order intake, reflecting the benefits of our product portfolio's broad reach and the strong customer loyalty and distributor relationships we have across our end markets.
"We remain mindful of the higher interest rate environment and its impact on demand across the wider construction industry, and as such continue to focus on appropriate portfolio pricing to maintain diversity in our forward order book, which is drawn from social and specification housing, RMI, new build and commercial sectors.
"While delivery schedules have been impacted in the first quarter, as a result of more challenging seasonal conditions, production volumes continue in line with our expectations. With order intake momentum at levels not seen since the end of 2022 driving improved volume and quality of the forward order book, we anticipate increased despatch volumes for the remainder of the financial year, which when combined with the strength of our balance sheet, positions the Company well for delivering full-year expectations."
Pending approval by shareholders at the AGM, the final dividend in respect of the year ended 31 December 2023 of 3.00 pence per ordinary share will be paid on 10 July 2024 to members on the register on 7 June 2024. The ex-dividend date will be 6 June 2024.
For further information, please contact:
Michelmersh Brick Holdings Plc Peter Sharp, Chief Executive Officer Ryan Mahoney, Chief Financial Officer | Tel: +44 (0)1825 430 412 |
Canaccord Genuity Limited (NOMAD and Joint Broker) Max Hartley Bobbie Hilliam Harry Pardoe | Tel: +44 (0)20 7523 8000
|
Berenberg (Joint Broker) Richard Bootle Detlir Elizi Patrick Dolaghan | Tel: +44 (0)20 3207 7800 |
Yellow Jersey PR Charles Goodwin Annabelle Wills | Tel: +44 (0)7747 788 221 Tel: +44 (0)7775 194 357 |
About Michelmersh Brick Holdings PLC:
Michelmersh Brick Holdings PLC is a business with seven market leading brands: Blockleys, Carlton, FabSpeed, Freshfield Lane, Michelmersh, Floren.be and Hathern Terra Cotta. These divisions operate within a fully integrated business, combining the production of premium, precision-made bricks, pavers, special shaped bricks, bespoke Terra Cotta products and prefabricated brick components. The Group also includes a landfill operator, New Acres Limited, and seeks to develop future landfill and development opportunities on ancillary land assets.
Established in 1997, the Company has grown through acquisition and organic growth into a profitable and asset rich business, producing over 122 million clay bricks and pavers per annum. Michelmersh currently owns most of the UK's premium manufacturing brick brands and is a leading specification brick and clay paving manufacturer.
Michelmersh strives to be a well invested, long term, sustainable, environmentally responsible business. Opportunity, training and security for all employees, whilst meeting the needs of stakeholders are at the forefront of everything we do. We aim to lead the way in producing some of Britain's premium clay products and enhancing our environment by adding value to the architectural landscape for generations to come.
We are Michelmersh Brick Holdings PLC: we are "Britain's Brick Specialist".
Please visit the Group's websites at: www.mbhplc.co.uk, www.bimbricks.com andwww.sustainablebrick.com