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Brick maker sales 7% ahead of 2019

27 Nov 20 Brick sales have rebounded sufficiently for a Michelmersh to resume paying shareholders dividends and paying back furlough money to government.

In a shareholder update today, Michelmersh Brick Holdings said that trading had been “resilient” since June 2020 and this had continued through November.

Current production capacity is back in line with pre-Covid levels and group turnover for the four months of July to October was 7% ahead of the equivalent period in 2019.

Michelmersh’s 2020 financial results will not be published until the end of March 2021, but the board now expects that underlying revenue and profit for the group will exceed market expectations. It also expects to end the year on 31st December in a positive net cash position, having had £6.5m net debt at the midpoint of the year

Given the strong trading performance, the board has decided to repay the £500,000 that it got from the government under the Coronavirus Job Retention Scheme.

It also intends to pay a final dividend for 2020 of 2.25 pence per share, payable in June 2021.

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