Michelmersh Brick Holdings PLC Update re. COVID-19 (4643H)
25 March 2020 - 6:00PM
UK Regulatory
TIDMMBH
RNS Number : 4643H
Michelmersh Brick Holdings PLC
25 March 2020
25 March 2020
Michelmersh Brick Holdings Plc
("MBH", the "Company" or the "Group")
Update re. COVID-19
Michelmersh Brick Holdings Plc (AIM: MBH), the specialist brick
manufacturer, provides an update in relation to COVID-19 and the
impact on its operations.
Following the announcement made by the UK Government and its
measures to restrict the movement of people, as of Monday 30(th)
March, deliveries at all of the Group's plants will be suspended
during the government three-week review period. The situation will
remain under constant review. To protect the Group's employees,
stakeholders and assets, the Group has immediately commenced a safe
and orderly suspension of its operations. The Group's plants are
highly efficient and will be able to quickly return to normal
levels of production once restrictions are lifted.
Since the start of 2020 and up until 24(th) March, the Group has
been trading in line with Board expectations. Whilst there is much
uncertainty, the Group is in a strong financial position with
substantial cash and good covenant headroom. As such, the Board
believes the Group is very well protected to see out a period
stretching beyond what the UK Government is currently indicating
for the pandemic.
Considering the suspension of deliveries and now lack of
visibility for 2020, the Board believes it is prudent to defer any
dividend payments until it is confident that normal business has
resumed across its sector. Whilst the Group has not issued
financial guidance for 2020, previously published market
expectations should be disregarded.
Martin Warner, Chairman of Michelmersh Brick Holdings Plc,
said:
"These are unprecedented times and the safety of our people is
paramount. We would like to reassure our customers and stakeholders
that we are continuously monitoring the situation. These
restrictions are under constant review and we will be sure to
re-open our production as soon as it is safe to do so and resume
our service as Britain's Brick Specialists."
For further information, please contact:
Michelmersh Brick Holdings plc Tel: +44 (0)7384 259 407
Frank Hanna, Joint CEO
Stephen Morgan, Finance Director
Canaccord Genuity Limited (NOMAD Tel: +44 (0)20 7523 8000
and Broker)
Bobbie Hilliam
Georgina McCooke
Yellow Jersey PR
Charles Goodwin Tel: +44 (0)7747 788 221
Annabel Atkins Tel: +44 (0)7983 557 851
Georgia Colkin
About Michelmersh Brick Holdings PLC:
Michelmersh Brick Holdings PLC is a business with seven market
leading brands: Blockleys, Carlton, Charnwood, Freshfield Lane,
Michelmersh, Hathern Terra Cotta and Floren. These divisions
operate within a fully integrated business combining the
manufacture of clay bricks and pavers. The Group also includes a
landfill operator, New Acres Limited, and seeks to develop future
landfill and development opportunities on ancillary land
assets.
Established in 1997, the Company has grown through acquisition
and organic growth into a profitable and asset rich business,
producing over 120 million clay bricks and pavers per annum.
Michelmersh currently owns most of the UK's premium manufacturing
brands and is a leading specification brick and clay paving
manufacturer.
Michelmersh strives to be a well invested, long term,
sustainable, environmentally responsible business. Opportunity,
training and security for all employees, whilst meeting the needs
of stakeholders, are at the forefront of everything we do. We aim
to lead the way in producing some of Britain's premium clay
products and enhancing our environment by adding value to the
architectural landscape for generations to come.
We are Michelmersh Brick Holdings PLC: we are "Britain's Brick
Specialist".
Please visit the Group's websites at: www.mbhplc.co.uk and www.bimbricks.com
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END
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