Michelmersh Brick FY revenues and profits projected to top market expectations
Building materials company Michelmersh Brick said on Thursday that its trading performance had continued to be positive in the final quarter of the financial year, with full-year revenue and profits both seen topping market expectations thanks to "strong demand" seen in its end markets.
Michelmersh said it had experienced solid demand from its new housing, key repairs, maintenance and improvement and commercial regeneration projects units and noted that despite ongoing inflation impacts on its supply chain, the company had managed costs in line with management expectations.
The AIM-listed group highlighted that as far as energy prices were concerned, its hedging policy meant that it was now "well placed" to manage the impacts of gas price volatility over the medium term, with its requirements significantly hedged through to 2023.
"As a result of strong trading, the board is pleased to announce that it now expects revenue and profit for the group to be ahead of market expectations for the 12 months ending 31 December 2021. Further, the group has a strong and well-balanced forward order book giving management confidence as we move into 2022," said Michelmersh.
As of 1025 GMT, Michelmersh Brick shares were up 3.95% at 131.50p.