Michelmersh Brick Holdings PLC Pre-close Trading Update and Notice of Results (6881G)
November 27 2020 - 2:00AM
UK Regulatory
TIDMMBH
RNS Number : 6881G
Michelmersh Brick Holdings PLC
27 November 2020
27 November 2020
Michelmersh Brick Holdings Plc
("MBH", the "Company" or the "Group")
Pre-close Trading Update and Notice of Results
Resilient Performance Surpasses Market Expectations
Michelmersh Brick Holdings Plc (AIM: MBH), the specialist brick
manufacturer, today announces a trading update ahead of its final
results for the year ended 31 December 2020. The Group intends to
report its 2020 full year results on 30 March 2021.
Trading performance of the Group has been resilient since June
2020 and this has continued through November. Current production
capacity is back in line with pre-Covid levels and Group turnover
for the months of July to October was 7% ahead of the equivalent
period in 2019. The Board now expects that underlying revenue and
profit for the Group will exceed market expectations for the 12
months ended 31 December 2020.
Reflecting on the strong trading performance, the Board has
decided to repay the monies received under the Job Retention Scheme
("JRS") totalling GBP0.5m.
The Group has also experienced strong cash flow over recent
months. The Board therefore expects to report a positive net cash
position at 31 December 2020, even after repayment of JRS monies,
compared with a net debt position of GBP6.5m as at 30 June
2020.
The Board is pleased to confirm it intends to pay a final
dividend in respect of 2020 of 2.25 pence. The payment of the
dividend will be in June 2021, and thereafter the Company intends
to return to its normal dividend timetable of interim dividend
payments in January with a final dividend in June.
For further information, please contact:
Michelmersh Brick Holdings plc Tel: +44 (0)1825 430412
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
Charles Goodwin Tel: +44 (0)7747 788 221
Annabel Atkins Tel: +44 (0)7983 557 851
About Michelmersh Brick Holdings PLC:
Michelmersh Brick Holdings PLC is a business with seven market
leading brands: Blockleys, Carlton, Charnwood, Freshfield Lane,
Michelmersh, Hathern Terra Cotta and Floren. 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
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTFLFFDLILRFII
(END) Dow Jones Newswires
November 27, 2020 02:00 ET (07:00 GMT)
Michelmersh Brick (LSE:MBH)
Historical Stock Chart
From May 2024 to Jun 2024
Michelmersh Brick (LSE:MBH)
Historical Stock Chart
From Jun 2023 to Jun 2024