18th Apr 2008 09:07
Michelmersh Brick Holdings PLC18 April 2008 18 April 2008 Michelmersh Brick Holdings PLC Notice of Results Michelmersh Brick Holdings plc (AIM: MBH) (the "Company"), the specialist brick,land development and landfill company, is pleased to confirm that currenttrading remains satisfactory. Furthermore sales and pre-tax profits, beforeimpairment and depreciation charges, for the year to 31 December 2007 areexpected to be in line with market expectation. On 31 March 2008 the Company announced that its stated accounting policiesrequire a full independent valuation of its assets to be undertaken every twoyears and that the revaluation as at 31 December 2007 (undertaken by Gerald Eve)will show a significantly higher overall value in land assets than had beenexpected previously. This will, however, also result in a correspondingly higherdepreciation and impairment charge against the trading businesses. The level ofany such depreciation or impairment charges are yet to be finalised with theCompany's auditors. The Board also announces that the Company has not yet completed the audit of theaccounts for the 12 months to 31 December 2007. The Board had invited a newauditor to undertake the 2007 audit, to be reported under IFRS for the firsttime. However, during the course of the audit, the auditor's independence wascompromised and the auditor resigned on 16 April 2008. The Board has now invitedSmith & Williamson to undertake and complete the 2007 audit. Smith & Williamsonhave accepted the appointment, subject to completing their formal clientacceptance procedure. Smith & Williamson was the Company's auditor until 2005. It is not now possible for the Company to announce its preliminary results onthe scheduled date of 22 April. The Board is confident that the results will beannounced within the statutory reporting period and anticipates that they willbe announced by the end of May. The Company will provide a further update once it is able to confirm a date forthe preliminary announcement of results. For further information: Michelmersh Brick Holdings plc 01442 870 227Martin Warner Charles Stanley Securities (Nominated Adviser) 020 7149 6000Russell Cook Tavistock Communications 020 7920 3150Jeremy CareyPaul Youens This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Michelmersh Brick Holdings