Michelmersh Brick Holdings Plc - Issue AGM Statement
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Michelmersh Brick Holdings Plc
("MBH", the "Company" or the "Group")
Michelmersh Brick Holdings Plc (AIM: MBH), the specialist brick manufacturer, provides the following statement from Martin Warner, Chairman of the Company, ahead of its Annual General Meeting (AGM), which is to be held at 10.30 a.m. today:
" Since recommencing production at all of its plants on 21 April 2020, the Board is pleased to report the Group has swiftly returned to full operational capacity after implementing new safe operating procedures. The new operating procedures and facilities are subject to rigorous ongoing monitoring to protect and reassure staff.
"The Group has taken steps to retain the strong financial base and, at 31 May 2020, Group cash balances amounted to over £18 million and net debt stood at £7 million, largely unchanged from the position at the end of 2019.
"The impact of the Covid-19 related closures impacted turnover up to the end of May, with UK turnover 25% below the equivalent period in 2019 and Belgian turnover less affected. The impact was most notable during April where operations were ceased for much of the month, returning to 75% of the 2019 equivalent in May.
"The Board has taken encouragement from the positive return of manufacturing capacity and is intent on satisfying customer demand as the construction sector returns to more normal levels of activity. However, as there remains some uncertainty over the length of the disruption and until the Group experiences normalised trading over several months, it remains too early to make judgements on expectations for 2020 and beyond."