Business
Half Yearly Report
Half Yearly Report.
About this update from Michelmersh Brick Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 7794M Michelmersh Brick Holdings PLC 21 July 2014 \n \n\n21 July 2014\n \nMichelmersh Brick Holdings Plc\n(\"MBH\", the \"Company\", or the \"Group\")\n \nHalf Year Results for the six months ended 30 June 2014\nWell positioned in the market with strong financials and growth potential\n \nMichelmersh Brick Holdings Plc (AIM:MBH), the specialist brick, land development and landfill company, today announces its unaudited interim results for the 6 months ended 30 June 2014.\n \nFinancial Highlights\n \n\n\n\n\n•\n\n\nOperating profit of £1.4 million (H1 2013: £0.1 million)\n\n\n\n\n•\n\n\nGroup turnover increased 8% to £13.6 million (H1 2013: £12.6 million)\n\n\n\n\n•\n\n\nNet debt at 30 June 2014 of £5.3 million (30 June 2013: £18.7 million)\n\n\n\n\n•\n\n\nEarnings per share of 1.24 p (H1 2013: loss of 0.38 p on continuing activities)\n\n\n\n\n•\n\n\nNet asset value of 57.6p per share (31 December 2013: 56.3p) \n\n\n\n\n \nOperational Highlights\n \n\n\n\n\n•\n\n\nManufactured 33.7 million bricks (2013: 33.4 million)\n\n\n\n\n•\n\n\nDespatched 34.0 million bricks (2013: 35.2 million) at average selling prices 12.8% ahead of 2013\n\n\n\n\n•\n\n\nSupplied products to prestigious projects across the country including Nottingham Railway Station, Lend Lease regeneration of Elephant and Castle and the ITV Media City, Salford Quays \n\n\n\n\n•\n\n\nCompleted the re-structuring of the Telford site following the land sale to Bovis Homes \n\n\n\n\n•\n\n\nProject to increase capacity at Freshfield Lane (\"FLB\") well under way \n\n\n\n\n \n \nCommenting on the results, Eric Gadsden, Chairman of Michelmersh Brick Holdings Plc, said\n \n\"The brick industry is benefiting from recovering demand and we have now seen for the first time since 2008 signs of increased national brick prices with stocks at their lowest level in living memory. Michelmersh continues to provide quality products with high service levels to our strategic partners and our product range is being developed to ensure that we maximise the contribution from our premium offering. The Group is well positioned to prosper from improved industry dynamics, particularly as our additional production comes on stream and we progress our various asset opportunities.\n \nIn the first half of 2014, the Grou...