21st Mar 2016 09:15
LONDON (Alliance News) - Michelmersh Brick Holdings PLC on Monday doubled its dividend, after eliminating its debt pile during 2015 amid higher pretax profit and revenue.
Michelmersh said its pretax profit for the year to the end of December was GBP4.6 million, not far from double the GBP2.6 million it made a year earlier, as revenue rose 2.0% to GBP29.1 million from GBP28.5 million.
The group completed its expansion project at its Freshfield Lane site and implemented packaging robots at its site in Telford. Brick production rose 3.0% year-on-year to 69.5 million from 67.5 million, helped by the manufacturing expansion, which fed through to the profit line thanks to average selling prices rising 9.0%.
Michelmersh said it will pay a 1.0 pence per share dividend for the full year, double the 0.5p payout a year earlier, reflecting its confidence in the year ahead. The company swung out of debt in 2015, ending 2015 with GBP2.9 million in cash, against GBP2.1 million net debt at the start.
"The group has had a very good year both in terms of reported results but also with the continued development of management and systems, all of which means the group is well placed to continue its success in the future," said Chairman Eric Gadsden.
Shares in Michelmersh were flat to 78.48p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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