25 November 2021
Michelmersh Brick Holdings Plc
("MBH", the "Company", or the "Group")
Pre-Close Trading Update and Notice of Results
Continued Strong Performance Surpasses Market Expectations
Michelmersh Brick Holdings Plc (AIM: MBH), the specialist brick manufacturer, today announces a trading update ahead of its final results for the year ending 31 December 2021. The Group intends to report its full 2021 results on 30 March 2022.
The trading performance of the Group has continued to be positive in the final quarter of the financial year. We continue to see strong demand in our end markets from new housing, key repairs, maintenance and improvement and commercial regeneration projects.
Despite the ongoing inflation impacts on our supply chain, the Group is managing its costs in line with management expectations. Specifically on energy prices, the Group's hedging policy means the Group is well placed to manage the impact of gas price volatility over the medium term with our requirements significantly hedged through to 2023.
As a result of strong trading, the Board is pleased to announce that it now expects revenue and profit for the Group to be ahead of market expectations for the 12 months ending 31 December 2021. Further, the Group has a strong and well-balanced forward order book giving management confidence as we move into 2022.
Michelmersh Brick Holdings Plc
Frank Hanna, Joint Chief Executive Officer
Ryan Mahoney, Chief Financial Officer
01825 430 412
Canaccord Genuity Limited (NOMAD and Broker)
020 7523 8150
Yellow Jersey PR
07747 788 221
07983 557 851
The information contained within this announcement is deemed to constitute inside information as stipulated under the UK Market Abuse Regulations. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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 120 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