Michelmersh Brick Holdings PLC AGM Statement (2997Q)
18 June 2020 - 4:00PM
UK Regulatory
TIDMMBH
RNS Number : 2997Q
Michelmersh Brick Holdings PLC
18 June 2020
18 June 2020
Michelmersh Brick Holdings Plc
("MBH", the "Company" or the "Group")
AGM Statement
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 GBP18
million and net debt stood at GBP7 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."
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 8100
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
AGMFRMMTMTJBTTM
(END) Dow Jones Newswires
June 18, 2020 02:00 ET (06:00 GMT)
Michelmersh Brick (LSE:MBH)
Historical Stock Chart
From Apr 2024 to May 2024
Michelmersh Brick (LSE:MBH)
Historical Stock Chart
From May 2023 to May 2024