Michelmersh Brick Holdings (AIM: MBH), the specialist brick manufacturer, is pleased to report its audited final results for the year ended 31 December 2018, representing a strong performance and continued progress.
Financial Highlights
- Revenue up 22% to £46.3 million (2017: £37.9 million)
- Improved gross margin by 3.5% to 38.9% (2017: 35.4%)
- Underlying1 Operating profit increased by 45% to £8.0 million (2017: £5.4 million)
- Basic EPS at 5.8pence up 118% over 2017
- Underlying1 EBITDA increased 38% to £10.9 million (2017: £7.9 million)
- Cash generated by operations of £11.7 million (2017: £6.9 million), representing 165% of Operating profit
- Total dividend increased by 49% to 3.20 pence per share for the year
Operational Highlights
- Full operational integration of the Carlton plant
- Successful restructure of operations at the Michelmersh plant
- Strong, balanced forward order book into Q1 2019 – 10.5% ahead of H1 2018
- Contract signed for Carlton project targeting enhanced efficiency & output
- New, key, high-value products introduced to the market
- Post-2018 period, completed acquisition of Floren giving access to European markets
Martin Warner, Chairman at Michelmersh Brick Holdings, commented:
“The acquisitions of Carlton and Floren demonstrate that the Group has ambition to expand its geographic footprint and product range. However, this growth is set within strict parameters to preserve the character and position of Michelmersh in its sector. The Board is equally committed to nurturing its existing business and investing to improve efficiency, as well as acting as a good corporate citizen for the benefit of all its stakeholders.”
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