Profit jumps more than 40% last year

Brick firm Michelmersh said revenue was back above pre-pandemic levels with the firm posting income of close to £60m last year.

The AIM-listed business said it turnover of £59.5m was up 11% on 2019’s figure and 14% more than the lockdown-affected 2020.

michelmersh

Michelmersh said brick sales were up 11% on 2019’s figure

Pre-tax profit last year was up 41% to £9.7m although the number was still nearly 7% down on the £10.4m it posted in 2019.

It added that it had secured 90% of its expected energy requirements for the year ahead. “We are well placed to manage the impact of gas price volatility over the medium term, with our requirements materially hedged for 2022 with further contracts into 2024,” it said.

But it warned: “We will remain watchful of higher input costs and will respond in collaboration with our customers, if necessary, to ensure that we are well placed to manage any further margin pressures.”

The firm said it had net cash of £7.7m at the year-end compared to £800,000 at the end of 2020.

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