Specialist brick manufacturer and landfill company Michelmersh Brick Holdings has reported strong final results for the year ended 31 December 2015. Which is good news for the construction & the fixing industry.
Financial highlights include an operating profit of £4.7 million (2014: £2.8 million, an improvement of 68%); turnover up 2% to £29.1 million (2014: £28.5 million); and net debt eradicated with a year-end cash balance of £2.9 million against a net debt of £2.1 million at the start of the year.
The company announced a doubled dividend to 1.0 pence per share payable for the period.
During the period the company completed an expansion project at Freshfield Lane and implementation of packaging robots at Telford. Brick production was up 3% to 69.5 million (2014: 67.5 million) helping to rebuild stocks to workable levels, and average selling prices increased 9% on prior year prices.
Eric Gadsden, Chairman at Michelmersh Brick Holdings, commented: “The Group has had a very good year both in terms of reported results but also with the continued development of management and systems, all of which means the Group is well placed to continue its success in the future. The product offering remains targeted at premium sectors and our service levels are wedded to our key customers.”