Revenue at Michelmersh hits record 拢46m
Restructuring costs and write-downs of more than 拢900,000 failed to blunt numbers at Michelmersh as the brick maker said 2018 pre-tax profit nearly doubled.
The firm was hit with 拢390,000 of redundancy costs at its plant in Romsey, Hampshire, while it was forced to write down a further 拢540,000 on plant and equipment as it pulled the plug on tile and hand-making activities.
But the firm saw pre-tax profit jump last year from 拢3.3m to 拢6.4m on turnover up 22% to a record 拢46m.
Chairman Martin Weaver said the UK鈥檚 upcoming departure from the EU 鈥渉as not revealed significant threats to our business other than a wider economic downturn鈥.
Last month the firm paid 鈧9.4 m (拢8m) for Belgium clay brick manufacturing business Floren which is based near Antwerp.
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