Last checked at 23 Nov 2023 07:00
23 November 2023
Michelmersh Brick Holdings Plc
("MBH", the "Company", or the "Group")
Trading Update and Notice of Results
Resilient trading and in line with market expectations
Michelmersh Brick Holdings Plc (AIM: MBH), the specialist brick manufacturer, today announces a trading update in relation to its financial results for the year ending 31 December 2023.
Following the half year results announcement on 5 September 2023, the trading performance of the Group has been resilient in the final quarter of the financial year as we have continued to operate at full manufacturing capacity to deliver our diverse forward order book.
The contraction in the construction industry has continued into the second half with the challenging fundamentals of the broader economy weighing on consumer sentiment and demand in our end markets. We continue to focus on controlling our input costs and the efficiency of our facilities within this environment. The diversity of our customer base and broad product channels remains a core strength of the Group and, alongside the benefits of our quality opening order book at the start of this second half, these have been important factors in supporting the resilience of our trading performance to date.
The Group remains resolutely focused on delivering an excellent product and service to our customers and with our resilient trading the Board expects revenue, profit and cash for the Group to be in-line with market expectations for the 12 months ending 31 December 2023.
The Group intends to announce its full 2023 results on 26 March 2024.
Michelmersh Brick Holdings Plc Peter Sharp, 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 | Tel: +44 (0)20 7523 8000
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Berenberg (Joint Broker) Richard Bootle Detlir Elizi | 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 |
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 and www.sustainablebrick.com