Trading Update

RNS Number : 7229Q

Michelmersh Brick Holdings PLC

09 August 2010

 



9 August 2010

Michelmersh Brick Holdings plc

("Michelmersh" or the "Company")

Trading Update

Board Change

Notice of Interim Results

Michelmersh Brick Holdings plc (AIM:MBH), the specialist brick, land development and landfill company, provides trading update for the half year ended 30 June 2010, ahead of the announcement of its Interim Results on Wednesday 29 September 2010.

Trading Review

The Company is pleased to announce that trading during the first half of the year has been in line with management's expectations with revenues up at all plants on an equivalent basis despite weather conditions at the beginning of the year. Prospects for the full year are in line with current market forecasts.

As announced on 12 April 2010, Michelmersh completed the acquisition of Freshfield Lane Brickworks Limited ("FLB") for a total consideration of £10.0 million. FLB has been successfully integrated into Michelmersh and the synergies available are being fully exploited. The Company has, as envisaged, achieved sales now matching full production levels and a new hand made line has been installed. Improved margins have been achieved at all plants.

The Company announced on 12 June 2010 that it had sold certain surplus agricultural land at FLB for £1.30 million, against a book value of £1.03 million. The Company is pleased to announce that it has now sold a further 33 acres, and certain residential properties, at FLB for a further cash consideration of £0.66 million, a surplus of £0.15 million on the book value.

Prospects remain encouraging and the Company is well placed to achieve good progress through the remainder of 2010 and beyond. The Company has identified a number of new opportunities for the development of the business which are now being actively considered and pursued.

Board Change

The Company announces that Craig Robinson, Financial Director, has resigned from the Board and is leaving the Company with immediate effect, to pursue other interests. The Company has appointed Steve Morgan as interim Chief Financial Officer and Company Secretary who will oversee the integration of administration and finance functions across the enlarged group.

Mr Morgan, a Chartered Accountant, was previously Finance Director and Company Secretary of AIM listed property company, Hawtin PLC. 

Eric Gadsden, Chairman of Michelmersh, said: "The Board and I would like to thank Craig for his contribution and all of his efforts during his eight years with the Company which spanned our listing onto AIM. We wish him every success in his future endeavours."

For further information:
Martin Warner Michelmersh Brick Holdings plc	01442 870 227
Russell Cook / Carl Homes Charles Stanley Securities (Nominated Adviser)	020 7149 6000
Jeremy Carey / Amy Walker Tavistock Communications	020 7920 3150

 

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