Brickmaker sees revenue and profit fall last year
Brickmaker Michelmersh has warned end-user confidence remains fragile as the firm unveiled its annual results today.
The firm said revenue last year was down 9% to £70m with pre-tax profit slumping one third to £8m.
Ryan Mahoney chief financial officer, said that while confidence was creeping up, it was still flaky.
He added: “It is better but people are watchful. It feels a very sentiment-driven marketplace. It feels that any sort of shock can change the sentiment in the marketplace for the end customers.”
He said last autumn’s Budget – with its NI tax rises – “took a little bit of wind out of everyone’s sails [but] then you’ve had a lot of positivity from the government, around house building, around planning, so there is positive elements of sentiment”.
But he admitted that it would take time for the wider industry to get back to the sort of volumes it was hitting three years ago with output having fallen around 30% since that 2022 height.
“We’re still a long way to go to get us back up to where we were in 2022 so I think it’ll be a slow and steady build [back up].”
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