Michelmersh Brick Holdings anticipates profit
Published: 03 February, 2014
Michelmersh Brick Holdings is expecting to report a profit from continuing activities for the year ended 31 December 2013.
The positive financial performance of the Group reflects stronger than anticipated turnover in the final quarter of 2013, ahead of the Board's expectations at the time of the interim statement in September 2013. The result before taxation will include the profit on sale of the factory land at Telford, exceptional non-recurring costs relating to closure of the Dunton plant in the year and associated Group restructuring costs.
Furthermore, following the successful fundraising of £9.6m arising out of the placing of 22.5m ordinary shares in November 2013, the Group will also report significantly reduced net borrowings as at the balance sheet date.