The brick, land development and landfill company posted a pretax profit of
Michelmersh manufactured 33.7 million bricks during the half year, up from 33.4 million, and despatched 34.0 million bricks, down from 35.2 million. Average selling prices were up 13%, it said.
The company said that the brick industry was benefiting from recovering demand in
Michelmersh's landfill strategy has developed through 2014, it said, as income from the segment started the year strongly but overall fell marginally behind the first half of 2013. It said volumes declined after rates were increased to almost double what it achieve in the segment in the first half of 2013. As a result, contribution from the division of
The company said it has opted not to pay an interim dividend. It said it would be in a position to recommence dividends within the foreseeable future provided that its cash reserves are not used for profit-generating investments instead.
The company said that its project to increase capacity at its Freshfield lane site by 20% is well underway, and the installation programme is half complete. Increased production will come on stream in late 2014, it said, which will deliver additional capacity of six million units for sale in 2015.
Michelmersh completed the restructuring of its
The company said it has received consent for a low-level restoration scheme at its Charnwood Quarry site, and has now started a consultation process to bring forward a scheme for around 200 houses.
Michelmersh said that the national construction output landscape has improved. In the first half of the year, focus was on
"The group is well positioned to prosper from improved industry dynamics, particularly as our additional production comes on stream and we progress our various asset opportunities," said Chairman
Shares in Michelmersh were trading up 0.9% at
Most Popular Stories
- Businesses, Investors Pressing for Green Policy
- Who's Next? More Nude Celeb Pics Hacked, Leaked
- Tips for Hiding, Securing Data on Smartphones
- E-scrap Recyclers Find Profits in Upgrades
- Iran Says Syria Strikes Illegal
- Congress Casts a Coy Vote on ISIS War
- 'The Voice' Sounds Different This Season
- ISIS Calls for Jihad Against 'Filthy French'
- At Groupon, Not a Good Deal of Workplace Diversity
- Lower Used-Car Prices Roil the Auto Industry