Business
Interim Results
Interim Results.
About this update from Michelmersh Brick Holdings Plc
[{"type":"text","content":"\n RNS Number : 4230Z Michelmersh Brick Holdings PLC 22 September 2009 \n \n22 September 2009\n\nMichelmersh Brick Holdings plc\n('Michelmersh', the 'Company', or the 'Group')\n\nHalf Year results for the six months to 30 June 2009 \n\nMichelmersh Brick Holdings plc (AIM:MBH), the specialist land development, landfill, and brick company, today announces half year results for the six months to 30 June 2009. \n\nHighlights of the results are as follows:\n\n\nGroup turnover reduced by 28% to £9.1 million (2008: £12.5 million)\n\n\nGross profit margins up from 22.9% to 28.2%\n\n\nOperating loss of £140,000 for the period (2008: profit of £59,000)\n\n\nReduced loss before taxation of £457,000 (2008: £483,000)\n\n\nAdministrative costs reduced in the period to £2.8 million (2008: £2.9 million)\n\n\nSuccessfully renegotiated banking facilities and covenants\n\n\nThe Group has established a new faience and terracotta business - Hathern Terracotta, which will considerably strengthen position\n\n\nGood progress made in working towards obtaining detailed planning consent on the initial 16 acres of land at Telford\n\n\n\nCommenting on the results, Eric Gadsden, Chairman of Michelmersh, said: 'Our brick business continues to enjoy a key market position within the UK and we believe there will be continued industry restructuring in a market which continues to have overcapacity with high stock levels in an unsettled marketplace dominated by three players. \n\n'Whilst we work hard to improve our asset position we believe that there will unquestionably be significant corporate opportunities arising in the next two years. We are confident that our business model, which not only focuses on manufacturing but also on land and landfill, together with our experienced team, has the potential to play a pivotal role in shaping the outcome which will set the pattern for the national business within the industry for the future.'\n\n\n\n\n\n\nFor further information:\n\n\n\n\n\n\n\nMartin Warner, Chief Executive, Michelmersh Brick Holdings, plc:\n\n\n01442 870 227\n\n\n\n\nJeremy Carey/Gemma Bradley, Tavistock Communications:\n\n\n020 7920 3150\n\n\n\n\nRussell Cook, Charles Stanley Securities, Nominated Adviser:\n\n\n020 7149 6000\n\n\n\n\n\n\n\n\nChairman's Statement\n \nI am pleased to...