Last checked at 24 Nov 2022 07:00
24 November 2022
Michelmersh Brick Holdings Plc
("MBH", the "Company", or the "Group")
Pre-Close Trading Update and Notice of Results
Continued Robust Performance Surpasses Market Expectations
Michelmersh Brick Holdings Plc (AIM: MBH), the specialist brick manufacturer, today announces a pre-close trading update ahead of its final results for the year ending 31 December 2022. The Group intends to report its full 2022 results on 29 March 2023.
Following the half year results announcement on 6 September 2022, the trading performance of the Group has continued to be positive into the final quarter of the financial year and we continue to see robust demand in our end markets.
Despite continuing to operate in a more challenging environment, the Group is managing its supply chain and energy costs in line with management expectations. As a result of the ongoing robust trading and careful management of the Group's cost base, the Board is pleased to announce that it expects revenue and profit for the Group to be ahead of market expectations for the 12 months ending 31 December 2022. Further, the Group continues to have a strong and well-balanced forward order book, a strong balance sheet with cash reserves post acquisition of Fabspeed Holdings Ltd as announced today of £8.5m, giving management confidence as we look into 2023.
Michelmersh Brick Holdings Plc Frank Hanna, Joint Chief Executive Officer Ryan Mahoney, Chief Financial Officer | Tel: +44 (0)1825 430 412
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Canaccord Genuity Limited (NOMAD and Joint Broker) Max Hartley Bobbie Hilliam Harry Pardoe | Tel: +44 (0)20 7523 8000
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Berenberg (Joint Broker) Richard Bootle Detlir Elizi Tom Graham | Tel: +44 (0) 203 207 7800 |
Yellow Jersey PR Charles Goodwin Annabelle Wills |
Tel: +44 (0)7747 788 221 Tel: +44 (0)7775 194 357 |
The information contained within this announcement is deemed to constitute inside information as stipulated under the UK Market Abuse Regulations. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
About Michelmersh Brick Holdings PLC:
Michelmersh Brick Holdings PLC is a business with seven market leading brands: Blockleys, Carlton, Charnwood, Freshfield Lane, Michelmersh, Floren and Hathern Terra Cotta. These divisions operate within a fully integrated business combining the manufacture of clay bricks and pavers. 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 120 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 and www.bimbricks.com