REG - Michelmersh Brick - Trading Update and Notice of Results

Michelmersh Brick HoldingsAnnouncement

07/07/2022 07:17

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RNS Number : 5715R  Michelmersh Brick Holdings PLC  07 July 2022

7 July 2022

Michelmersh Brick Holdings Plc

("MBH", the "Company" or the "Group")

Trading Update and Notice of Results

Michelmersh Brick Holdings PLC (AIM: MBH), the specialist brick manufacturer,
today announces a trading update ahead of its half-year results for the
six-month period ended 30 June 2022.

 

Since our announcement on 12 May 2022, the trading performance of the Group
has continued to be positive in the second quarter of the year and the Group
is pleased to report revenue for the first six months to 30 June 2022 of at
least £33 million, representing an increase of over 10 per cent compared to
our 2021 interim results, and combined with our well-balanced forward order
book, we remain on track to meet full year expectations.

 

The first half of the year has been characterised by strong operational cash
generation which has driven Group cash as at 30 June 2022 to £9.5 million.
This cash position, combined with the Group's undrawn Sterling and Euro
denominated bank facility of £20 million entered into in FY21, provides the
Group with considerable financial resilience and the flexibility to pursue
strategic investments and acquisition opportunities in the future where they
meet our commercial and financial criteria and complement the existing
portfolio.

 

As we highlighted in May, we continue to operate in a more challenging
environment due to the ongoing elevated inflation rate and unpredictable
energy cost environment. To protect our margins, we have remained focused on
mitigating risks to our input costs as well as maintaining appropriate
portfolio pricing, and in collaboration with our customers we have introduced
our standard timetabled price increase at the start of July.

 

The Company intends to announce its half-year results on 6 September 2022.

 

For further information, please contact:

 Michelmersh Brick Holdings plc                                Tel: +44 (0)1825 430412
 Frank Hanna, Joint CEO

 Ryan Mahoney, CFO
 Canaccord Genuity Limited (NOMAD and Joint Broker)            Tel: +44 (0)20 7523 8000

 Max Hartley

 Bobbie Hilliam

 Georgina McCooke
 Berenberg                                                     Tel: +44 (0) 203 207 7800

 Richard Bootle

 Detlir Elizi

 Kate Hanshaw

 Yellow Jersey PR                                              Tel: +44 (0)7747 788 221

 Charles Goodwin                                               Tel: +44 (0)7775 194 357

 Annabelle Wills

Tel: +44 (0)20 7523 8000

Berenberg

Richard Bootle

Detlir Elizi

Kate Hanshaw

 

Tel: +44 (0) 203 207 7800

Yellow Jersey PR

Charles Goodwin

Annabelle Wills

 

Tel: +44 (0)7747 788 221

Tel: +44 (0)7775 194 357

 

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 125 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 (http://www.bimbricks.com)

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