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Michelmersh Brick Holdings Plc - Final Results 2019

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Michelmersh Brick Holdings Plc

("MBH" or the "Group")

FINAL RESULTS

Strong operational and financial performance, leading to record results

Michelmersh Brick Holdings (AIM: MBH), the specialist brick manufacturer, is pleased to report its audited final results for the year ended 31 December 2019, representing a strong performance and continued progress.

Financial Highlights

  • Revenue up 15% to £53.5 million (2018: £46.3 million)
  • Improved gross margin by 2% to 40.9% (2018: 38.9%)
  • Underlying1 Operating profit increased by 13% to £10.3 million (2018: £9.1 million)
  • Underlying1 Basic EPS at 8.87 pence up 31.2% over 2018
  • Underlying1 EBITDA increased 18% to £12.9 million (2018: £10.9 million)
  • Cash generated by operations of £16.6 million (2018: £11.7 million), representing 161% of Operating profit

Operational Highlights

  • Acquisition of a Belgian brick business - Floren
  • Completed phase 1 Carlton expansion - new robotic kiln unloading and packaging plant
  • Strong bounce-back of Michelmersh plant following restructure in 2018

Martin Warner, Chairman of Michelmersh Brick Holdings, commented:  

"Following a record year and strong first quarter, the Group is in a sound financial position with significant cash reserves and assets. As announced last week, we have taken the necessary immediate steps to protect the business for the benefit of all stakeholders in the midst of the current crisis. These measures will be kept under constant review.

"Michelmersh has always emerged stronger through difficulties and I see no reason why this should not be the case now with our committed and able workforce, positive financial position and unique position in the market place ."