Half year profits and sales fall for brick group
Brick manufacturing group Michelmersh Brick saw profits drop as sales fell in the first half of 2020.
For the six months to the end of June the group, which includes Blockleys Bricks in Trench, Telford, experienced a 17.3 per cent decline in turnover to £22.5 million.
Underlying pre-tax profit almost halved by 48.6 per cent to £2.6m
Michelmersh said there had been a swift and effective return to work after Covid-19 instigated suspension of operations and it had a robust forward order book for the second half of the year
Chairman Martin Warner said: "The group's performance in the first half of 2020 demonstrates resilience and management actions to protect our stakeholders. Trading has returned to a stable state, with no impact on capacity under our new operating conditions. While the broader economic outlook remains uncertain over the coming months, based on the continued strong brick market fundamentals and our performance since operations have resumed, the directors are positive on the outlook for the company."
Blockleys is one of Michelmersh's seven leading brands. The company, established in 1997, has grown through acquisition and organic growth into a profitable and asset rich business, producing over 120 million clay bricks and pavers per annum.
