3rd Sep 2019 09:33
(Alliance News) - Brick maker Michelmersh Brick Holdings PLC on Tuesday boosted its dividend payment as interim profit and revenue grew on a "positive" market backdrop.
Shares in Michelmersh were 5.8% higher at 92.04 pence in London on Tuesday.
For the six months ended June-end, pretax profit increased 38% to GBP4.0 million from GBP2.9 million the year prior. This was after revenue rose 18% to GBP27.2 million from GBP23.1 million the year before.
"Following a very strong first half in 2019, and with a robust order book, Michelmersh can look forward to steady trading for the remainder of the year," Michelmersh Chair Martin Warner said. "Stocks across the industry remain at historically low levels and the volume of imported products are increasing."
Michelmersh proposed a 1.15 pence per share interim dividend, up 8.5% from 1.06p the year prior.
"The group's performance in the first half of 2019 has continued into the second half and, with the positive backdrop to our markets, the board expects to exceed market expectations for the full year," Warner added.
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