20th Jan 2005 07:00
Michelmersh Brick Holdings PLC20 January 2005 20 January 2005 Michelmersh Brick Holdings PLC Pre Close Trading Statement -Notice of results- Michelmersh ("Michelmersh" or "the Company") (AIM: MBH), the UK's largestproducer of handmade specification bricks and clay paviors, announces today thatits results for the year ended 30 November 2004, to be announced on March 212005, are expected to show revenues and earnings in line with current marketexpectations. The Company saw a strong performance in the second half, with all groupcompanies contributing to profitability. Following the commissioning of newplant at both Blockleys and Charnwood, the Company achieved a record level ofproduction in November, with seven million units produced, establishing anexcellent platform for achieving targets for the current year. This positive trend continued into December, with trading up by over 20% onDecember 2003. With strong demand for all group products and a healthy orderbook, the trend looks set to continue. In November, Michelmersh won three awards at the Brick Development Association's2004 awards for its Blockleys clay paviors and Charnwood and Michelmershhandmade bricks. The planning agreement relating to the quarrying, filling and subsequentdevelopment of 59 acres of land at Telford has now been finalised and a planningapplication for residential development of an initial 5 1/2 acres is in hand.TheCompany expects this initial site will be brought forward for sale within thenext 12 to 18 months. The potential uplift in value of this land has not beenaccounted for in the balance sheet. Eric Gadsden, Chairman, commented: "We are now beginning to see the benefits ofthe considerable investment we have made in new plant, which will stand us ingood stead for future growth in profitability." For further information: Martin Warner Russell Cook / Mark Jeremy Carey/Richard Taylor SunderlandManaging Director Charles Stanley & Co Ltd Tavistock CommunicationsTel: 01442 870 Tel: 020 7739 8200 Tel: 020 7920 3150227 [email protected] Notes to editors Michelmersh is a holding company with five subsidiary companies, Blockleys,Michelmersh Brick & Tile, Charnwood and Duntons, which manufacture clay bricksand paviors, and New Acres, which operates a landfill site. Michelmersh has grown through acquisition and organic growth into a profitable,cash generative and asset rich business. Since 1997, it has invested in excessof £12 million in the modernisation of its plant and production processes andnow has the capacity to produce over 85 million bricks per annum. Michelmersh floated on AIM on May 2004 and is currently capitalised at about £27million. Further information on the Company can be found at www.michelmersh.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Michelmersh Brick Holdings