25th Nov 2021 11:52
Michelmersh Brick Holdings PLC - West Sussex-based brick maker - Expects 2021 revenue and profit to be ahead of market expectations, amid a "positive" final quarter. Michelmersh posted pretax profit of GBP6.9 million on revenue of GBP52.0 million in 2020. For the first half of 2021, it reported GBP5.0 million in pretax profit on GBP29.9 million in revenue. It currently is seeing "strong demand" in end markets both from new housing and from repair, maintenance and improvement, as well as from commercial regeneration projects. Michelmersh says it is managing costs in line with its expectations despite inflation in the supply chain. It is significantly hedged against gas price volatility through to 2023. The forward order book going into 2022 is strong and "well balanced", the company says.
Current stock price: 131.50 pence, up 4.0% on Thursday
Year-to-date change: down 2.6%
By Tom Waite; [email protected]
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