IN BRIEF: Michelmersh Brick widens margins amid "fluctuating" market

Michelmersh Brick Holdings PLC - Haywards Heath, West Sussex-based brick maker - Half-year pretax profit remains fairly steady despite an almost 10% decline in revenue amid a "highly fluctuating and inconsistent construction market both in the UK and northern Europe". Pretax profit declines 3.4% to £2.8 million in the six months that ended June 30 from £2.9 million a year before. Revenue falls by 9.5% to £32.4 million from £35.8 million a year before, but cost of sales decline mostly in line with this, and administration expenses also are reduced slightly. Gross margin widens to 37.0% from 33.6%.

Adjusted earnings before interest, tax, depreciation and amortisation increases by 1.7% to £6.0 million in the recent half-year from £5.9 million a year before, and adjusted Ebitda margin widens to 18.5% from 16.5%.

Michelmersh holds its interim dividend steady at 1.60 pence per share.

Looking ahead, Michelmersh says it expects margins to improve further in the second half of the year, having restarted manufacturing at its Romsey site in Hampshire in May. It expects full-year results for 2026 to be in line with market expectations, which it cites as adjusted Ebitda of £12.9 million to £14.3 million. This would be up from £12.4 million in 2025.

Current stock price: 74.50 pence

12-month change: down 24%

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