TIDMMBH
RNS Number : 9518T
Michelmersh Brick Holdings PLC
26 March 2019
26 March 2019
Michelmersh Brick Holdings Plc
("MBH" or the "Group")
FINAL RESULTS
Increased scale delivers record earnings and dividend growth
Michelmersh Brick Holdings (AIM: MBH), the specialist brick
manufacturer, is pleased to report its audited final results for
the year ended 31 December 2018, representing a strong performance
and continued progress.
Financial Highlights
-- Revenue up 22% to GBP46.3 million (2017: GBP37.9 million)
-- Improved gross margin by 3.5% to 38.9% (2017: 35.4%)
-- Underlying1 Operating profit increased by 45% to GBP8.0 million (2017: GBP5.4 million)
-- Basic EPS at 5.8pence up 118% over 2017
-- Underlying1 EBITDA increased 38% to GBP10.9 million (2017: GBP7.9 million)
-- Cash generated by operations of GBP11.7 million (2017: GBP6.9 million), representing 165% of Operating profit
-- Total dividend increased by 49% to 3.20 pence per share for the year
Operational Highlights
-- Full operational integration of the Carlton plant
-- Successful restructure of operations at the Michelmersh plant
-- Strong, balanced forward order book into Q1 2019 - 10.5% ahead of H1 2018
-- Contract signed for Carlton project targeting enhanced efficiency & output
-- New, key, high-value products introduced to the market
-- Post-2018 period, completed acquisition of Floren giving access to European markets
Martin Warner, Chairman at Michelmersh Brick Holdings,
commented:
"The acquisitions of Carlton and Floren demonstrate that the
Group has ambition to expand its geographic footprint and product
range. However, this growth is set within strict parameters to
preserve the character and position of Michelmersh in its sector.
The Board is equally committed to nurturing its existing business
and investing to improve efficiency, as well as acting as a good
corporate citizen for the benefit of all its stakeholders."
(1) Underlying results reflect the statutory results excluding
one-off items that arose in connection with the restructure of
operations at the Michelmersh plant (2017 costs associated with the
acquisition of Carlton.)
An analyst briefing will be held at 9.00am today at 15 Old
Bailey, EC4M 7EF. To attend please email
michelmersh@yellowjerseypr.com.
Michelmersh Brick Holdings plc Tel: +44 (0)7384 259 407
Frank Hanna, Joint CEO
Stephen Morgan, Finance Director
Canaccord Genuity Limited (NOMAD Tel: +44 (0)20 7523 8000
and Broker)
Bobbie Hilliam
Georgina McCooke
Yellow Jersey PR Tel: +44 (0)7747 788 221
Charles Goodwin
Annabel Atkins
CHAIRMAN'S STATEMENT
INTRODUCTION
Introduction
I am delighted to report on another significant year of growth
and achievement for the Group. The exceptional financial
performance outlined below exceeds that of previous years, with the
growth in earnings maintaining the Group's progressive dividend
policy. Since acquiring and integrating Carlton in 2017, the Group
is now developing with a broader base of activity and benefitting
from its greater scale and capacity. At the same time, the Group
has remained focused on the requirements of its customers and
developing the products they need.
Post year-end, the Group has successfully completed the
acquisition of Floren, a Belgium-based clay brick manufacturing
business, which enhances the Group's scale, expands its customer
offering and deepens its market presence. The well-established and
invested production facility, which is based near Antwerp,
complements the Group's premium centric market strategy with a
quality range of wirecut brick products which caters for the
Belgian and UK markets.
Financial Highlights
The strong growth in turnover and profitability reflects both
the contribution of Carlton for a full twelve-month period, for the
first time, and the excellent performance from the established
members of the Group.
Increase 2018 2017
Turnover (GBPm) +22% 46.3 37.9
--------- ------ ------
Gross Margin +3.5% 38.9% 35.4%
--------- ------ ------
Operating profit (pre exceptional
costs(1) ) (GBPm) +45% 8.0 5.5
--------- ------ ------
Profit before tax (pre exceptional
costs(1) ) (GBPm) +42% 7.4 5.2
--------- ------ ------
Basic Earnings per share (pence) +118% 5.78 2.64
--------- ------ ------
EBITDA(2) +38% 11.0 8.0
--------- ------ ------
Net cash generated by operations +70% 11.7 6.9
--------- ------ ------
(1) Exceptional costs in 2018 relate to the costs associated
with the restructuring of operations at the Michelmersh plant being
redundancy costs (GBP390,000) and write down of associated plant
(GBP540,000). In 2017, exceptional costs of GBP617,000 included an
adjustment to cost of sales to reflect fair value and
reorganisation following the acquisition of Carlton
(2) EBITDA is displayed as Operating profit pre - exceptional
costs and depreciation of GBP1,842,000 (2017: GBP1,455,000) and
amortisation of GBP1,138,000 (2017: GBP1,038,000)
Cash and Net Debt
Having acquired Carlton in 2017 principally out of cash and
through new debt facilities, the Group has made strong progress in
generating cash to reduce its net debt level in 2018. Net debt fell
from GBP17.5 million at 31 December 2017 to under GBP12 million at
31 December 2018 and strong cash flows post year end means that
reaching the target of below one-times EBITDA is now within
touching distance. The Group has also improved its interest margin
as a result of the profit and cash performance under the terms of
its facilities. The term loan stood at just over GBP17 million at
the year end, with a healthy cash balance to meet dividend payments
and working capital requirements.
During the year, the Group's strong operating cash flow led to
the repayment of GBP1 million that had been drawn in 2017 under our
revolving credit facility and the repayment of the remaining
deferred consideration from the Carlton acquisition.
Taking full advantage of the strength of cash flow and with the
support of its bank, HSBC, the Group completed the acquisition of
Floren in February 2019, in an accelerated timeframe using existing
facilities with a completion payment of EUR9.4 million in cash.
Subsequent to the acquisition, the Group issued 5.5 million new
shares following a share placing which raised gross proceeds of
GBP5 million to reduce the level of increased debt.
Assets and working capital
Through 2018, the Group's net assets grew by GBP4.4 million with
net assets per share improving by 7%. Net working capital reduced
marginally with demand for product outstripping production output
and inventory levels fell by GBP0.9 million.
Investment in plant amounted to GBP2 million which included the
project to automate the unloading of the kiln at Carlton. This
project will generate cost savings and reduce downtime and may,
after further investment in other processes, increase the capacity
of the plant.
The Directors have reviewed the Group's land assets and c.
GBP600,000 uplift in value has resulted, principally in respect of
the land at Telford encompassing the quarry and ancillary land
around the Blockleys site. This followed a review by Carter Jonas
on the potential future alternative use of the site, as the mineral
is extracted, a new road accessway completed and the land
remediated on a phased basis. This is a long-term cycle that is
expected to yield cash proceeds in tranches, albeit the present
value of the cash flow is reflected in the current values.
The Company continues to nurture the prospect of future
alternative value at all of the sites, which in total amount to
nearly 500 acres, whilst maximising the opportunities of brick
making.
Dividend
On 30 June 2018, the Group paid a final dividend in respect of
2017 of 1.45 pence per ordinary share bringing the total dividend
for 2017 to 2.15 pence. In January 2019, the Group paid an interim
dividend of 1.06 pence per ordinary share. The Board proposes a
final dividend of 2.14 pence bringing the total dividend in respect
of 2018 to 3.2 pence per share, a 49% increase over the previous
period reflecting the improved performance of the Group,
satisfactory debt levels and confidence in future prospects.
The Board has this year added a resolution to the AGM to
introduce the option for shareholders to elect to take the dividend
in shares rather than cash. A detailed circular accompanies this
Annual Report that provides full details of this additional
flexibility.
Board and Employees
In the early part of 2018 the Board took the step to restructure
the Michelmersh plant, which was deemed necessary in order to
secure its future and adapt accordingly to where product demand was
coming from. As a consequence of this decision I can report that
the Michelmersh plant performance has improved. I am also
particularly pleased to note that all employees made redundant
during the restructuring process have moved on to further
employment outside the Group.
We welcome the employees of Floren to the Group and look forward
to working with them and anticipate that the Group will benefit
from the shared expertise that the Floren team brings.
The success of 2018 and recent years reflects on the individual
and collective performance of the Group's employees and I must
thank them all on behalf of the shareholders and all
stakeholders.
The exercise surrounding the adoption of the QCA Corporate
Governance Code has been undertaken with enthusiasm and rigour. We
found that the process confirmed our belief that the Group has a
robust structure and an open attitude to all of our
stakeholders.
Outlook
As in previous years, the outlook for the coming year is
positive in that demand for our products remains strong and the
operational environment conducive to a robust brick industry. The
UK still manufactures less bricks than being used and capacity
cannot change significantly over the short term.
Whilst Brexit has raised many concerns across the UK business
landscape, a specific review of markets, customers and suppliers
has not revealed significant threats to our business other than a
wider economic downturn, whilst the political landscape around the
construction industry gives an expectation that it will be less
affected than elsewhere.
The Group has established scale and strength from the
acquisitions in 2017 and 2019 and should be better placed to
progress and prosper as a result. The Board are intent on nurturing
the business through investment in assets and people and will
continue to work down debt and reward investors through a
progressive dividend policy.
Martin Warner
Chairman
25 March 2019
CHIEF EXECUTIVES REVIEW
Clay Products
Throughout 2018 the Group continued to deliver on its strategy,
producing premium centric products for four key areas: the repair,
maintenance and improvement sector (RMI), the new housing sector,
urban regeneration and the design-led specification commercial
sector, which will be reinforced by the recent addition of
Floren.
As in 2017, strong teamwork and positive market fundamentals
resulted in an excellent performance in 2018 with a number of
milestones being achieved by the Group. Notably, two of these
milestones were for the highest number of bricks produced and
despatched by the Group within a twelve-month period, which reached
106 million. The acquisition of Floren underlines the Group's
ambition to continue in this vein.
The continued demand for new housing, driven by an extended
period of under building, in conjunction with the extension of the
Help to Buy scheme until 2023, will considerably favour the Group's
sector dynamics. The Group sees additional opportunity in the
renewed focus and funding of social housing, as well as in the
ageing housing stock and building fabric of the RMI sector.
Imports continued to rise during 2018 to meet the market demand.
Floren was a competitor to the Group in this space and is now a
welcome premium addition for 2019 onwards.
The forward Group order book as of December 2018 was the highest
on record. This was driven by a strong sales performance and robust
distribution partnerships, plus the full year contribution from
Carlton.
Performance
Revenue for the year to 31(st) December 2018 grew 22% to the
Group's highest ever level at GBP46.3 million (2017: GBP37.9
million).
Production volumes rose to a Group record 106 million units
despite the reduction in output as a result of the restructuring of
the Michelmersh plant.
During 2018, the Group continued to ensure a 'balanced market
approach' by covering the RMI sector, housing, social housing, and
commercial and urban regeneration. This strategy remains central to
senior management planning in order to reduce risk and potential
overexposure to one particular sector.
There was notable success during 2018 with key 'off-site'
construction projects such as University College Hospital, London,
highlighting the Group's ability to supply technically complex
projects.
Efficient customer service remained at the heart of the Group's
2018 performance. In addition to enhancing our key strategic
distribution relationships, the team fostered new strategic
distribution partners with the addition of Carlton, which is also
being replicated with the addition of Floren.
The Group is strongly committed to supporting its network of
distribution partners, ensuring a smooth flow and delivery of
products to its valued end users. A number of new IT and processing
initiatives were implemented during the course of 2018 which
improved these partnerships and, in turn, improved the experience
of our end users.
In 2019, we will see the Group build on our distribution
relationships with additional IT infrastructure spend in key
areas.
Inspired architecture, stunning design and the continued
enhancement of our built environment came to the fore during 2018.
The Group won several key industry awards, namely a RIBA National
Award, a RIBA Regional Award, a Brick Development Association
award, a New London Architecture award and a British Construction
Industry award.
The Group also had a robust year supplying products to several
quality housing schemes from many national and regional developers
such as Taylor Wimpey, Bellway, Berkeley Homes, Cala, Countryside
Properties and Crest Homes as well as several one-off aspirational
client builds.
The Group's strong online presence was enhanced with the launch
of a revised website in 2018. The refresh included an updated
product range catalogue, site gallery and an increase in news flow,
which in turn drove higher levels of traffic to the site. The Group
continued to use its website to showcase inspired, aspirational
architectural design, and its social media to share image rich
content to drive the Group's branding. This flow of design-led,
engaging content inspired our end users, architects, designers and
students alike, affirming our market position and premium-centric
ethos.
In addition to the main website upgrade, the Group's secondary
site, Bimbricks.com, was upgraded to V3 during early 2018. This was
yet another example of the Group leading the brick industry in BIM
and efficiency-based collaborative working methods. This site and
brand continue to grow as a rich source of free data, driving
sustainability and industry best practice.
Strong support for students in the industry also continued
throughout 2018. The Group donated materials, equipment and
management time in the form of training and development. The Board
sees education as vitally important to the sector and will continue
to support this in 2019 and beyond. The Board believes playing a
strong role in education will ensure the industry has the skills
required to meet the needs of the construction sector in years to
come. The Group was also delighted to announce support for the 2018
UK World Skills candidate.
Management Systems
We focused our management systems effort on Carlton during 2018,
enhancing and combining its existing procedures fully into the
Group. Our efforts were rewarded with ISO 50001 Energy Management
accreditation and full integration of ISO 14001 Environmental
Management. Also, because of our efforts, all Carlton products are
included in our BES 6001 sustainability and responsible sourcing
rating. Achieving ISO 9001 Quality Management at Carlton has been
targeted for 2019.
Carlton was also fully integrated into our RoSPA health and
safety programme and we were pleased to receive health and safety
recognition awards from the industry for specific initiatives at
our Carlton and Blockleys factories.
Staff Development
In 2017 the Company established a standalone HR department to
manage all aspects of employee welfare, remuneration and
development. In addition to the day to day operations one of its
key aims is to strengthen the employer/employee relationship by
helping to support and develop people's potential in order for them
to achieve the businesses' plans and goals. In the summer of 2017,
HR and the payroll department jointly visited all sites to raise
awareness and offer tips and advice on Employee Wellbeing and
Financial Wellbeing. Together with the Company benefits adviser,
this team delivered a series of workshops on a range of topics such
as mental health, pensions, Give As You Earn and Cycle To Work
schemes to name a few.
In 2018, continuing the support of Employee Wellbeing, all
senior managers were trained in Mental Health First Aid to help
support any employees who may be facing challenges in this area.
The aim is to roll this training out to Supervisors and Deputy
Managers in 2019. One of the key projects rolled out in 2018 was
the introduction of Personal Development Plans (PDP's) for all
monthly paid staff to ensure that the Company was not only
developing and growing staff but also listening to any issues they
may have. The final project for 2018 was the authorisation by the
Board for investment in a fully integrated HR and Payroll software
system to Go Live in 2019.
Assets
Following operational reviews carried out across the Group in
the early part of 2018, the Board approved a capital project at
Carlton to update the kiln unloading and packaging equipment. The
project replaces the existing maintenance intensive unloading and
packaging setup with a new state of art robotic installation
located in a new building. The project will improve operational
efficiency and was designed to allow for potential future output
expansion. Orders were placed in June 2018, the new building was
completed in November 2018 and the equipment was delivered in
January 2019. Currently the installation is being commissioned and,
due to our off-line design solution, factory output is
unaffected.
With the acquisitions of Carlton and most recently Floren, the
Group has increased its land holdings by more than 70% since 2017
to over 500 acres. This land bank currently has permitted clay
reserves of 6.4 million tonne providing over 20 years brick
production at current capacity output. Our expanded land asset base
offers the Group strategic opportunities to create value from
alternative use and development in due course. The current project
to relocate the Hadley Road at our Telford site opens up the
already restored and optioned land for future development.
Outlook
The acquisitions of Carlton and Floren demonstrate that the
Group has ambition to expand its geographic footprint and product
range. However, this growth is set within strict parameters to
preserve the character and position of Michelmersh in its sector.
The Board is equally committed to nurturing its existing business
and investing to improve efficiency, as well as acting as a good
corporate citizen for the benefit of all its stakeholders.
Despite economic uncertainty both at home and abroad, the
fundamentals for the industry remain robust and we move into the
forthcoming period with confidence.
Frank Hanna, Peter Sharp
Joint Chief Executives
25 March 2019
Consolidated Income Statement
For the year ended 31 December 2018
2018 2017
GBP'000 GBP'000
Revenue 46,324 37,867
Cost of sales (28,305) (24,449)
------------------------------------------ --------- ---------
Gross profit 18,019 13,418
Administrative expenses
Underlying (8,994) (7,435)
Exceptional(1, 2) (930) (137)
Amortisation of intangibles (1,138) (1,038)
------------------------------------------ --------- ---------
(11,062) (8,610)
Other income 97 49
------------------------------------------ --------- ---------
Operating profit 7,054 4,857
Exceptional item - acquisition costs(3) - (1,195)
Finance costs (617) (323)
------------------------------------------ --------- ---------
Profit before taxation 6,437 3,339
Taxation (1,452) (1,127)
Profit for the financial year 4,985 2,212
------------------------------------------ --------- ---------
Basic earnings per share 5.78 p 2.64 p
Diluted earnings per share 5.57 p 2.60 p
Exceptional Items
(1) In 2018, costs relating to the restructuring of operations
at the Michelmersh plant incurred redundancy costs (GBP390,000) and
write down of plant and equipment (GBP540,000) as tile and
hand-making activities ceased.
(2) Costs of reorganisation incurred in 2017 as a result of
integration of Carlton into the Group amounted to GBP137,000.
(3) Costs relating to the acquisition of Carlton Main Brickworks
were incurred in 2017.
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2018
2018 2017
GBP'000 GBP'000
Profit for the financial year 4,985 2,212
Other comprehensive income/(expense)
Items which will not subsequently be
classified to profit and loss
Revaluation surplus of property, plant
and equipment 565 2,069
Revaluation deficit of property, plant
and equipment (42) (322)
Deferred tax on movement (115) (170)
-------------------------------------------- -------- --------
408 1,577
------------------------------------------- -------- --------
Total comprehensive income for the year 5,393 3,789
-------------------------------------------- -------- --------
Consolidated Balance Sheet
As at 31 December 2018
2018 2017
GBP'000 GBP'000
Assets
Non-current assets
Intangible assets 22,948 24,086
Property, plant and equipment 52,416 52,626
---------------------------------------- --------- ---------
75,364 76,712
Current assets
Inventories 8,309 9,161
Trade and other receivables 8,245 6,934
Cash and cash equivalents 5,255 4,128
---------------------------------------- --------- ---------
Total current assets 21,809 20,223
---------------------------------------- --------- ---------
Total assets 97,173 96,935
Liabilities
Current liabilities
Trade and other payables 7,065 6,462
Interest bearing liabilities 1,770 1,791
Corporation tax payable 564 900
Total current liabilities 9,399 9,153
---------------------------------------- --------- ---------
Non-current liabilities
Interest bearing liabilities 15,310 19,809
Deferred tax liabilities 8,670 8,590
---------------------------------------- --------- ---------
23,980 28,399
--------------------------------------- --------- ---------
Total liabilities 33,379 37,552
Net assets 63,794 59,383
---------------------------------------- --------- ---------
Equity attributable to equity holders
Share capital 17,297 17,234
Share premium account 11,643 11,495
Other reserves 21,788 20,816
Retained earnings 13,066 9,838
---------------------------------------- --------- ---------
Total equity 63,794 59,383
---------------------------------------- --------- ---------
Consolidated Statement of changes in equity
For the year ended 31 December 2018
Share Share Merger Share Revaluation Retained Total
Capital option reserve premium reserve earnings
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 January
2017 16,294 319 979 11,495 17,112 7,444 53,643
Profit for the
year - - - - - 2,212 2,212
Revaluation surplus - - - - 2,069 - 2,069
Revaluation deficit - - - - (322) - (322)
Released on sale
of land - - - - (1,811) 1,811 -
Deferred taxation
on revaluation - - - - (170) - (170)
Total comprehensive
income - - - - (234) 4,023 3,789
Share based payment - 196 - - - - 196
Shares issued during
the year 940 - 2,444 - - - 3,384
Dividend paid - - - - - (1,629) (1,629)
---------------------- --------- --------- --------- --------- ------------ ---------- --------
At 31 December
2017 17,234 515 3,423 11,495 16,878 9,838 59,383
Profit for the
year - - - - - 4,985 4,985
Revaluation deficit - - - - (42) - (42)
Revaluation surplus - - - - 565 - 565
Deferred taxation
on revaluation - - - - (115) - (115)
---------------------- --------- --------- --------- --------- ------------ ---------- --------
Total comprehensive
income - - - - 408 4,985 5,393
Share based payment - 660 - - - - 660
Shares issued during
the year 63 - - 148 - - 211
Transfer to retained
earnings - (96) - - - 96 -
Dividend paid - - - - - (1,853) (1,853)
---------------------- --------- --------- --------- --------- ------------ ---------- --------
At 31 December
2018 17,297 1,079 3,423 11,643 17,286 13,066 63,794
---------------------- --------- --------- --------- --------- ------------ ---------- --------
Consolidated Statement of cash flows
For the year ended 31 December 2018
2018 2017
GBP'000 GBP'000
Cash flows from operating activities
Profit before taxation 6,437 3,339
(Profit)/loss on sale of fixed assets (15) 3
Finance costs 617 323
Depreciation 1,842 1,455
Amortisation 1,138 1,038
Profit on disposal of intangible assets - (13)
Exceptional write down of assets 540 -
Share based payment charge 660 196
--------------------------------------------- -------- ---------
Cash flow from operations before changes
in working capital 11,219 6,341
Decrease/ (Increase) in inventories 1,159 (50)
(Increase) / Decrease in receivables (1,311) 1,346
Increase / (decrease) in payables 602 (768)
--------------------------------------------- -------- ---------
Net cash generated by operations 11,669 6,869
Taxation paid (1,823) (1,760)
Net cash generated by operating activities 9,846 5,109
--------------------------------------------- -------- ---------
Cash flows from investing activities
Purchase of subsidiary undertaking net
of cash acquired - (23,698)
Purchase of property, plant and equipment (1,985) (1,002)
Proceeds of sale of intangibles - 155
Proceeds of sale of land - 2,680
Proceeds of disposal of property, plant
and equipment 45 11
--------------------------------------------- -------- ---------
Net cash used in investing activities (1,940) (21,854)
--------------------------------------------- -------- ---------
Cash flows from financing activities
Proceeds of loan drawdown - 24,000
Interest (paid)/received (617) (323)
Repayment of interest bearing liabilities (4,520) (5,899)
Proceeds of share issue 211 4
Dividend paid (1,853) (1,629)
--------------------------------------------- -------- ---------
Net cash (used in)/ generated by financing
activities (6,779) 16,153
--------------------------------------------- -------- ---------
Net increase/(decrease) in cash and cash
equivalents 1,127 (592)
Cash and cash equivalents at the beginning
of the year 4,128 4,720
--------------------------------------------- -------- ---------
Cash and cash equivalents at the end
of the year 5,255 4,128
--------------------------------------------- -------- ---------
Cash and cash equivalents comprise:
Cash at bank and in hand 5,255 4,128
Bank overdraft - -
-------------------------------------------- -------- ---------
5,255 4,128
-------------------------------------------- -------- ---------
NOTES TO THE FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES
The consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards as
adopted by the European Union ("IFRSs as adopted by the EU"), IFRS
Interpretations Committee interpretations and with those parts of
the Companies Act 2006 applicable to companies reporting under
IFRS. There have been no changes to the accounting policies adopted
since the last consolidated financial statements were published,
except resulting from the adoption of IFRS 9 Financial Instruments
and IFRS 15 Revenue from contracts with customers which have not
had a material impact on the results.
2. FINANCIAL INFORMATION
The financial information set out in this Preliminary
Announcement does not constitute the Group's statutory financial
statements for the years ended 31 December 2018 or 2017. The
financial information has been extracted from the Group's statutory
financial statements for the years ended 31 December 2018 and 2017.
The auditors have reported on those financial statements; their
report was unqualified, did not include references to any matters
to which the auditors drew attention by way of emphasis and did not
contain a statement under Section 498(2) or (3) of the Companies
Act 2006.
The statutory accounts for the year ended 31 December 2017 have
been delivered to the Registrar of Companies, whereas those for the
year ended 31 December 2018 will be delivered to the Registrar of
Companies following the Company's Annual General Meeting.
The financial information is presented in sterling and all
values are rounded to the nearest thousand pounds (GBP000) except
when otherwise indicated.
3. EARNINGS PER SHARE
Basic
The calculation of earnings per share from continuing operations
based upon the profit for the year of GBP4,985,000 (2017:
GBP2,212,000) and 86,312,463 (2017: 83,913,140) weighted average
number of ordinary shares.
Diluted
The calculation of diluted earnings per share from continuing
operations based upon the profit for the year of GBP4,985,000
(2017: GBP2,212,000) and 88,655,058 (2017: 85,051,210) weighted
average number of ordinary shares.
4. DIVIDEND
The Board has proposed a final dividend of 2.14 pence per share.
The Board has also proposed that, subject to the necessary approval
by shareholders at the forthcoming annual general meeting,
shareholders will be offered an opportunity to elect to receive
dividends in the form of new shares in the capital of Michelmersh
in lieu of cash in respect of the proposed final dividend.
Payment of the final dividend will, subject to the necessary
approval by shareholders at the forthcoming annual general meeting,
be paid on 28 June 2019 to shareholders on the register at the
close of business on 24 May 2019; the ex-dividend date will be 24
May 2019. As mentioned above, and subject to the necessary approval
being given by shareholders at the forthcoming annual general
meeting, arrangements will also be made to provide a scrip dividend
alternative. The latest date to elect for the scrip dividend
alternative will be 11 June 2019. The scrip reference price shall
be calculated from the average of the middle market quotations on
the London Stock Exchange, as derived from the Official Daily List,
during five dealing days beginning on 11 June 2019. The Company
will, on or around 28 March 2019, post to shareholders a letter
containing additional information on the scrip dividend alternative
and how shareholders may participate. A copy of this letter will
also be available on the Company's website: www.mbhplc.co.uk
The dividend timetable is as follows:
Ex-dividend date - 23 May 2019
Record date - 24 May 2019
Payment date - 28 June 2019
5. REPORT & ACCOUNTS
Copies of this announcement are available and the Annual Report
will be available in due course on the Group's website
www.mbhplc.co.uk and from the Company's registered office at
Freshfield Lane, Danehill, Haywards Heath, West Sussex RH17
7HH.
This information is provided by RNS, the news service of the
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END
FR JAMMTMBTTTRL
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