Financial Highlights
· Revenue up 26% to £37.9 million (2016: £30.1 million);
· Underlying1 Operating profit increased by 42% to £6.5 million (2016: £4.6 million);
· Underlying1 EPS at 5.9 pence up 34% over 2016
· Underlying1 EBITDA increased 42% to £8.0 million (2016: £5.6 million)
· Cash generated by operations of £6.9 million (2016: £5.7 million), representing 141% of Operating profit; and
· After paying the first ever Interim dividend this year, total dividend increased by 7.5% to 2.15 pence per share for the period.
Operational Highlights
· Acquisition of Carlton for a net consideration of £31.2 million;
· Completed sale of former Dunton brickworks site for £2.7 million;
· Strengthened board with the appointment of Stephen Bellamy as non-executive director;
· Built forward order book to 60 million units; and
· Strong showing at the BDA awards including the BDA Supreme award.
Martin Warner, Chairman at Michelmersh Brick Holdings, commented: “The Group's position has been significantly strengthened in 2017 with the addition of the Carlton plant. Our geography, product range, scale and market presence have all been enhanced as a result and there is further scope to benefit from this acquisition as the management teams work together to maximise the performance of the Group.
“The UK construction industry remains stable with a level of activity that keeps UK brick manufacturing operating at capacity with limited options for expansion. The Group's order book is strong and 2018 promises to be busy.”