Michelmersh trading in line with expectations
BRICK maker Michelmersh has announced first half trading in line with expectations with revenues up at all its plants despite the poor weather at the start of the year.
The company, which has interests in Shropshire, said prospects for the full year were in line with market forecasts.
In a half year trading update ahead of its interims in September, the company said the April acquisition of Freshfield Lane Brickworks for £10m had been completed and fully integrated into the main business, resulting in a number of synergies.
Sales are now matching full production levels and a new hand-made line of bricks has been introduced. In addition, it said disposal of FLB land reserves had realised more than £2m.
Michelmersh, the largest producer of hand-made bricks in the country, said in a statement: “Prospects remain encouraging and the company is well placed to achieve good progress through the remainder of 2010 and beyond. The company has identified a number of new opportunities for the development of the business which are now being actively considered and pursued.”
The statement also said that Financial Director Craig Robinson had resigned from the company with immediate effect. Steve Morgan has been appointed interim Chief Financial Officer and Company Secretary and he will oversee the integration of administration and finance functions across the enlarged group.
Mr Morgan, a chartered accountant, was previously Finance Director and Company Secretary of AIM listed property company, Hawtin.
Eric Gadsden, chairman of Michelmersh, said: “The board and I would like to thank Craig for his contribution and all of his efforts during his eight years with the Company which spanned our listing onto AIM. We wish him every success in his future endeavours.”
