Last checked at 7 Jul 2022 07:00
7 July 2022
Michelmersh Brick Holdings Plc
("MBH", the "Company" or the "Group")
Trading Update and Notice of Results
Michelmersh Brick Holdings PLC (AIM: MBH), the specialist brick manufacturer, today announces a trading update ahead of its half-year results for the six-month period ended 30 June 2022.
Since our announcement on 12 May 2022, the trading performance of the Group has continued to be positive in the second quarter of the year and the Group is pleased to report revenue for the first six months to 30 June 2022 of at least £33 million, representing an increase of over 10 per cent compared to our 2021 interim results, and combined with our well-balanced forward order book, we remain on track to meet full year expectations.
The first half of the year has been characterised by strong operational cash generation which has driven Group cash as at 30 June 2022 to £9.5 million. This cash position, combined with the Group's undrawn Sterling and Euro denominated bank facility of £20 million entered into in FY21, provides the Group with considerable financial resilience and the flexibility to pursue strategic investments and acquisition opportunities in the future where they meet our commercial and financial criteria and complement the existing portfolio.
As we highlighted in May, we continue to operate in a more challenging environment due to the ongoing elevated inflation rate and unpredictable energy cost environment. To protect our margins, we have remained focused on mitigating risks to our input costs as well as maintaining appropriate portfolio pricing, and in collaboration with our customers we have introduced our standard timetabled price increase at the start of July.
The Company intends to announce its half-year results on 6 September 2022.
For further information, please contact:
Michelmersh Brick Holdings plc Frank Hanna, Joint CEO Ryan Mahoney, CFO | Tel: +44 (0)1825 430412 | ||
| Tel: +44 (0)20 7523 8000 | ||
Berenberg Richard Bootle Detlir Elizi Kate Hanshaw
| 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, 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 125 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