Michelmersh Brick Holdings PLC
26 April 2006
26 April 2006
Michelmersh Brick Holdings plc
AGM Statement
Michelmersh Brick Holdings plc ('Michelmersh' or 'the Group') (AIM: MBH) the
UK's largest producer of handmade specification bricks and clay paviors,
announces that at its Annual General Meeting held today, Wednesday 26 April
2006, Eric Gadsden, Chairman of Michelmersh, will make the following statement:
'I am pleased to report that Michelmersh Group sales for the period to date are
ahead of last year, and this despite a decline in sales across the industry as a
whole.
'Energy costs have continued to be volatile during the spring while industry
product prices have not increased to fully recover these costs. We continue to
experience strong demand and sales at our smaller specialist works and we are
managing production levels against demand, cost levels and price recovery at
Blockleys.
'As reported at the time of our results, our major capital expenditure programme
is now complete and we continue to take steps to strengthen our sales effort and
develop complimentary products to utilise the flexibility attained in our
production processes as a result of this investment.
'The masterplan for the development of the 60 acres of land at Telford for
residential land is now being worked on and a planning application for the
initial phase of this land is being prepared. The value of this land was
reflected in our balance sheet for the first time at the end of the last
financial year and will stand us in good stead until the market place returns to
more normal levels.
'Following approval at the AGM, the Company's maintained dividend of 1.1 pence
per share will be paid to shareholders on 7 July 2006, reflecting our continued
confidence in the Group's performance going forward.'
For further information:
Martin Warner, Michelmersh Brick Holdings plc: 01442 870 227
Richard Sunderland/Jeremy Carey, Tavistock Communications: 020 7920 3150
Russell Cook, Charles Stanley Securities: 020 7953 2000
This information is provided by RNS
The company news service from the London Stock Exchange
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