Michelmersh reports spectacular increase in profits despite drop in volumes
Published: 21 March, 2016
Michelmersh Brick Holdings is pleased to report its audited final results for the year ended 31 December 2015, reporting a strong performance and continued progress.
Michelmersh dispatched 66.4m bricks in 2015, which is four million less than in 2014. Despite this, the average selling price over the year was up 9% to £429 per thousand, maintaining a 40% premium over industry averages.
One of the company’s most impressive results is its operating profit of £4.7m, a 68% increase over 2014’s reported operating profit of £2.8m. This was partly due to some major projects throughout 2015 including the completion of the expansion project at Freshfield Lane and the implementation of packaging robots at Telford.
Eric Gadsden, chairman at Michelmersh Brick Holdings, said: "The group has had a very good year both in terms of reported results but also with the continued development of management and systems, all of which means the group is well placed to continue its success in the future. The product offering remains targeted at premium sectors and our service levels are wedded to our key customers.”
Image courtesy of Shutterstock/ Brian A Jackson