Revenue in June outstripped same month last year
Brick maker Michelmersh said demand for its product remains strong as the firm stayed in the black in the first six months of the year.
The firm, which makes 120 million bricks a year, said it was suspending production and deliveries at the height of the government lockdown earlier this year but chairman Martin Warner said: 鈥淭rading has returned to a stable state, with no impact on capacity under our new operating conditions.
鈥淲hile 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.鈥�
Its manufacturing output recovered enough to see turnover in June top the figure for June 2019. It added that 鈥渟ince the half year trading has been robust鈥�.
Revenue for the period was down 17% to 拢22.5m with pre-tax profit down by half to 拢2m. Operating profit was down 46% to 拢2.3m.
Michelmersh said it had been handed 拢400,000 in government money from the Treasury鈥檚 furlough initiative and had deferred 拢1.5m of VAT payments to improve its cash position to 拢17.4m for the six months to June.
No comments yet