3rd Feb 2014 11:44
LONDON (Alliance News) - Michelmersh Brick Holdings PLC Monday said it expects to record a profit from continuing operations for the year ended December 31, 2103, following a strong fourth quarter.
At the half year in June, the specialist brick manufacturer and landfill operator posted pretax losses of GBP340,000 from continuing operations, while overall losses amounted to GBP2.4 million. For all of 2012, the company posted pretax profit for GBP51,000.
The expected positive financial performance reflects stronger-than-anticipated turnover in the final quarter of 2013, ahead of the board's expectations at the time of the interim statement in September 2013, Michelmersh said.
The result before taxation will include the profit on the sale of its 15 acre former factory site at Telford, exceptional non-recurring costs relating to closure of the Dunton brick plant in the year, and associated group restructuring costs.
In addition, following the successful fundraising of GBP9.6 million arising out of the placing of 22.5 million shares in November 2013, the Michelmersh said it also will report significantly reduced net borrowings as at the balance sheet date.
The stock was trading at 69.25 pence Monday morning, up 3.25 pence or 4.9%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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