Michelmersh Brick Holdings Plc
(“MBH”, the “Company” or the “Group”)
AGM Statement and Trading Update
Michelmersh Brick Holdings PLC (AIM: MBH), the specialist brick manufacturer, announces that at its Annual General Meeting (AGM) which is to be held at 10.30 am today, Tony Morris, Chair, will reference the following statement:
“Since reporting our full-year 2024 results in March, we have continued to experience supportive order intake to maintain a well-balanced forward order book, underpinned by robust demand from across our end markets.
“We have been pleased with the response to our required mid-single digit price increases from the beginning of April to offset cost increases from the start of the year, which we believe reflects the strength of our customer relationships. However, we continue to operate in a landscape where brick pricing remains highly competitive in some of our end markets. As we closely monitor the demand dynamics across the wider construction industry, we remain focussed on appropriate portfolio pricing to maintain diversity in our forward order book.
“We began the year with planned closures on three of our sites for capital improvement work and are pleased that Floren, Michelmersh and Carlton have successfully recommenced manufacturing activities largely in line with our timing expectations within the first quarter. With our significant programme of improvement works complete we are focused on continuing to diversify across RMI, housing, commercial, social and specification projects, and the breadth of our offering continues to underpin our resilient outlook. Our full year expectations are unchanged, and we anticipate stable despatch volumes for the remainder of the financial year but remain watchful of the pricing environment and customer demand dynamics particularly in our important RMI markets. The medium-term demand fundamentals across our UK and Benelux markets remain highly supportive and we are well positioned for market recovery once we hit that inflection point.
“We are also delighted to announce that following a thorough recruitment process, we have recruited our new CFO, Rachel Warren. Rachel is joining us from Wincanton, the former FTSE listed group who supply business critical services including storage, handling and distribution, where she has been Group Finance Director since January 2022. Prior to that, she spent the majority of her career within the IAG Group of companies, including her role as Director of Business Control for Aer Lingus and a suite of Financial Controller roles within British Airways. Rachel is both a qualified accountant and a fellow of the Association of Chartered and Certified Accountants.
“Rachel is expected to join during the second half of the year, and her substantial operational and financial expertise will help the business target continued strategic progress and we look forward to welcoming her to the Board.”
Pending approval by shareholders at the AGM, the final dividend in respect of the year ended 31 December 2024 of 3.00 pence per ordinary share will be paid on 9 July 2025 to members on the register on 6 June 2025. The ex-dividend date will be 5 June 2025.