Michelmersh Brick Holdings, the specialist brick, land development and landfill company, has announced its audited final results for the year ended 31 December 2013.
Martin Warner, group chief executive officer, said: "After five very difficult years for the business and the industry, 2014 has started positively. With pricing and demand improving, increased production at our most efficient plant, and the other exciting initiatives for 2014, we believe that we will be able to more than hold our own in the future, and the fruits of many years of hard work will start to become apparent."
- A group turnover of £25.9m, up 12.6%
- An operating profit of £1.4m – a favourable comparison to an operating profit of £1.4m in 2012, which included £400,000 of carbon surplus
- Net cash generated by operating activities up from £1.6m to £3.8m
- Net debt reduced from £18.4m in 2012 to £4.2m at 3 December 2013.
- Seventy-one million bricks were despatched in the period – 7m more than in 2012
- There was a sharp increase in demand for bricks in the second half of the year, leading to positive movements in pricing
- There was a sale of surplus land at the Telford site to Bovis Homes
- There was a significantly oversubscribed share placement in November 2013, raising £9.6m
- There was closure of the smallest loss-making plant within the group
- Michelmersh was also the winner in multiple categories at the BDA Brick Awards.