Michelmersh to build on positive results

 BRICKMAKER Michelmersh, which has an operation in Telford, recorded an operating profit of £1.4m in the six months to the end of June.

This was a £500,000 increase on H1 2013.

Meanwhile, turnover increased 8% to £13.6m (H1 2013: £12.6m).

The firm has also brought down its net debt from £18.7m to £5.3m.

Chairman Eric Gadsden said: “The brick industry is benefiting from recovering demand and we have now seen for the first time since 2008 signs of increased national brick prices with stocks at their lowest level in living memory.

“Michelmersh continues to provide quality products with high service levels to our strategic partners and our product range is being developed to ensure that we maximise the contribution from our premium offering.

“The group is well positioned to prosper from improved industry dynamics, particularly as our additional production comes on stream and we progress our various asset opportunities.”

Profits up at refocused WH Ireland

WH IRELAND, the wealth management and corporate broking firm, has reported a surge in half year profits as revenue rose 12.6%  to £14.7m.

The firm, which has a central Birmingham operation, said profits in the six months to the end of May increased from £59,000 to £230,000 (£470,000 before exceptional re-organisation costs of £267k).

WH Ireland grew its corporate client base from 84 to 92, and completed nine fundraisings in the period worth a combined £34.8m ((2013: £26.5m).

The firm’s wealth management division grew funds under management by 9.6% to £2.7bn and said it was looking to strengthen its teams in Birmingham, Milton Keynes and London.

AFH makes its mark on AIM 

BROMSGROVE financial services group AFH has recorded strong revenue performance and profit growth in the first results announced since its listing on AIM.

Its interim results for the six month period ended April 30 show revenue up by 50% to £7.3m (2013: £4.8m) and profit before tax up 55% to £540,000 (2013: £350,000.)

The IFA says it has a strong balance sheet with net assets of £9.4m, an increase of 136%, and cash reserves of £ 4.9m (2013: £1.2m).

Four acquisitions were made during the period for a maximum consideration of £1.3m.

Alan Hudson, chief executive officer, said: “As the first interim results statement that the group is announcing on AIM, I am delighted to report strong revenue performance and profit growth during a period when our efforts were predominantly focused on our successful move to AIM from ISDX.
 
“Our outlook for this year is to continue with our steady growth through organic development and appropriate acquisitions to deliver further profitability.”