Michelmersh turns loss to profit
First publishedon www.AggBusiness.com
UK brick maker Michelmersh recorded an operating profit of £1.5 million (€1.8 million) in the year to 31 December, 2011 after a £500,000 (€598,000) loss last time.
Turnover was up 4% to £24.3 million as the company sold 70 million bricks at an improved average price of £345/1,000 compared to £330 in 2010.
Chairman Eric Gadsden said: “The market is not only divided geographically, but also between ‘stock’ bricks required for appearance, (often driven by planning conditions), and ‘wire-cut’ bricks which are in good supply and serve the economically weaker areas of the country where volume house builders are more active.
“We are aware of a number of potential opportunities to grow our business and we will consider all of these, and believe that we are uniquely able to progress and lead them.”
The company is also looking forward to further improvement in the market this year.
Chief executive Martin Warner said: “While 2012 has started reasonably well, we believe that this year will enjoy a stronger second half.
“We firmly believe that there will be further opportunities in our chosen field and we have the team and resources in place to make the right strategic decisions and to build a leading position in our market.”