26th Apr 2006 07:01
Michelmersh Brick Holdings PLC26 April 2006 26 April 2006 Michelmersh Brick Holdings plc AGM Statement Michelmersh Brick Holdings plc ("Michelmersh" or "the Group") (AIM: MBH) theUK's largest producer of handmade specification bricks and clay paviors,announces that at its Annual General Meeting held today, Wednesday 26 April2006, Eric Gadsden, Chairman of Michelmersh, will make the following statement: "I am pleased to report that Michelmersh Group sales for the period to date areahead of last year, and this despite a decline in sales across the industry as awhole. "Energy costs have continued to be volatile during the spring while industryproduct prices have not increased to fully recover these costs. We continue toexperience strong demand and sales at our smaller specialist works and we aremanaging production levels against demand, cost levels and price recovery atBlockleys. "As reported at the time of our results, our major capital expenditure programmeis now complete and we continue to take steps to strengthen our sales effort anddevelop complimentary products to utilise the flexibility attained in ourproduction processes as a result of this investment. "The masterplan for the development of the 60 acres of land at Telford forresidential land is now being worked on and a planning application for theinitial phase of this land is being prepared. The value of this land wasreflected in our balance sheet for the first time at the end of the lastfinancial year and will stand us in good stead until the market place returns tomore normal levels. "Following approval at the AGM, the Company's maintained dividend of 1.1 penceper share will be paid to shareholders on 7 July 2006, reflecting our continuedconfidence in the Group's performance going forward." For further information: Martin Warner, Michelmersh Brick Holdings plc: 01442 870 227 Richard Sunderland/Jeremy Carey, Tavistock Communications: 020 7920 3150 Russell Cook, Charles Stanley Securities: 020 7953 2000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Michelmersh Brick Holdings