Michelmersh Brick - Pre-Close Trading Update and Notice of Results
24/11/2022 07:00
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RNS Number : 4219H Michelmersh Brick Holdings PLC 24 November 2022
24 November 2022
Michelmersh Brick Holdings Plc
("MBH", the "Company", or the "Group")
Pre-Close Trading Update and Notice of Results
Continued Robust Performance Surpasses Market Expectations
Michelmersh Brick Holdings Plc (AIM: MBH), the specialist brick manufacturer,
today announces a pre-close trading update ahead of its final results for the
year ending 31 December 2022. The Group intends to report its full 2022
results on 29 March 2023.
Following the half year results announcement on 6 September 2022, the trading
performance of the Group has continued to be positive into the final quarter
of the financial year and we continue to see robust demand in our end
markets.
Despite continuing to operate in a more challenging environment, the Group is
managing its supply chain and energy costs in line with management
expectations. As a result of the ongoing robust trading and careful management
of the Group's cost base, the Board is pleased to announce that it expects
revenue and profit for the Group to be ahead of market expectations for the 12
months ending 31 December 2022. Further, the Group continues to have a
strong and well-balanced forward order book, a strong balance sheet with
cash reserves post acquisition of Fabspeed Holdings Ltd as announced today of
£8.5m, giving management confidence as we look into 2023.
Michelmersh Brick Holdings Plc Tel: +44 (0)1825 430 412
Frank Hanna, Joint Chief Executive Officer
Ryan Mahoney, Chief Financial Officer
Canaccord Genuity Limited (NOMAD and Joint Broker) Tel: +44 (0)20 7523 8000
Max Hartley
Bobbie Hilliam
Harry Pardoe
Berenberg (Joint Broker) Tel: +44 (0) 203 207 7800
Richard Bootle
Detlir Elizi
Tom Graham
Yellow Jersey PR
Charles Goodwin Tel: +44 (0)7747 788 221
Annabelle Wills Tel: +44 (0)7775 194 357
The information contained within this announcement is deemed to constitute
inside information as stipulated under the UK Market Abuse Regulations. Upon
the publication of this announcement, this inside information is now
considered to be in the public domain.
About Michelmersh Brick Holdings PLC:
Michelmersh Brick Holdings PLC is a business with seven market leading brands:
Blockleys, Carlton, Charnwood, Freshfield Lane, Michelmersh, Floren and
Hathern Terra Cotta. These divisions operate within a fully integrated
business combining the manufacture of clay bricks and pavers. The Group also
includes a landfill operator, New Acres Limited, and seeks to develop future
landfill and development opportunities on ancillary land assets.
Established in 1997, the Company has grown through acquisition and organic
growth into a profitable and asset rich business, producing over 120 million
clay bricks and pavers per annum. Michelmersh currently owns most of the UK's
premium manufacturing brick brands and is a leading specification brick and
clay paving manufacturer.
Michelmersh strives to be a well invested, long term, sustainable,
environmentally responsible business. Opportunity, training and security for
all employees, whilst meeting the needs of stakeholders are at the forefront
of everything we do. We aim to lead the way in producing some of Britain's
premium clay products and enhancing our environment by adding value to the
architectural landscape for generations to come.
We are Michelmersh Brick Holdings PLC: we are "Britain's Brick Specialist".
Please visit the Group's websites at: www.mbhplc.co.uk
(http://www.mbhplc.co.uk/) and www.bimbricks.com
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