AGM Statement

RNS Number : 1569L

Michelmersh Brick Holdings PLC

12 May 2022

 

12 May 2022

Michelmersh Brick Holdings Plc

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

AGM Statement

Michelmersh Brick Holdings PLC (AIM: MBH), the specialist brick manufacturer, announces that at its Annual General Meeting (AGM), which is to be held at 11.00 am today, Martin Warner, Chairman, will make the following statement:

" The strong and well-balanced order book and positive order intake momentum reported in our FY21 results in March has continued to date, with stable demand from our loyal customer and distributor relationships in all of our end markets, whilst production volumes have continued in line with expectations.

"We continue to operate in a more challenging environment due to such factors as the ongoing elevated inflation rate. To protect our margins, we remain focused on mitigating risks to our input costs as well as maintaining appropriate portfolio pricing. As such, as announced in our FY21 results in March, in collaboration with our customers we will introduce our standard timetabled price increase in July 2022. At the same time, to mitigate the ongoing energy price risk, we have secured over 90% of the Group's energy requirement for 2022 with further contracts into both 2023 and 2024.  

Despite the current macroeconomic uncertainty, the Board is confident that the ongoing quality fundamentals in our business and the wider sector provide resilience to our outlook. The Group has made an encouraging start to 2022, and combined with our strong forward order book, we remain on track to meet full year expectations."

Pending approval by shareholders at the AGM, the dividend in respect of the year ended 31 December 2021 of 2.50 pence per ordinary share will be paid on 13 July 2022 to members on the register on 6 June 2022.

For further information, please contact:

Michelmersh Brick Holdings plc Frank Hanna, Joint CEO Ryan Mahoney, CFO	Tel: [phone]
Canaccord Genuity Limited (NOMAD and Joint Broker) Max Hartley Bobbie Hilliam Georgina McCooke	Tel: [phone]
Berenberg Richard Bootle Detlir Elizi Kate Hanshaw	Tel: [phone]
Yellow Jersey PR Charles Goodwin Annabel Atkins	Tel: [phone] Tel: [phone]

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  and www.bimbricks.com

 

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